Commerce Bank Sells 18,664 Shares of Chevron Co. (NYSE:CVX)

Commerce Bank reduced its stake in shares of Chevron Co. (NYSE:CVX) by 2.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 667,906 shares of the oil and gas company’s stock after selling 18,664 shares during the quarter. Commerce Bank’s holdings in Chevron were worth $98,363,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CVX. China Universal Asset Management Co. Ltd. purchased a new position in shares of Chevron during the first quarter valued at about $566,000. Empowered Funds LLC grew its holdings in shares of Chevron by 5.4% during the 1st quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock worth $67,670,000 after acquiring an additional 22,047 shares during the period. Wellington Wealth Strategies LLC. bought a new position in shares of Chevron in the 1st quarter worth approximately $483,000. EP Wealth Advisors LLC lifted its stake in shares of Chevron by 3.9% in the 1st quarter. EP Wealth Advisors LLC now owns 103,084 shares of the oil and gas company’s stock valued at $16,261,000 after purchasing an additional 3,847 shares during the period. Finally, Axxcess Wealth Management LLC boosted its position in shares of Chevron by 10.8% during the first quarter. Axxcess Wealth Management LLC now owns 105,050 shares of the oil and gas company’s stock valued at $16,571,000 after purchasing an additional 10,204 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of a number of recent research reports. Scotiabank cut their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company reduced their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Royal Bank of Canada increased their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Truist Financial upped their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Finally, Bank of America began coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $174.93.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of NYSE CVX opened at $159.61 on Wednesday. The stock has a market capitalization of $286.83 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 3.63 and a beta of 1.09. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The firm has a 50-day simple moving average of $150.23 and a 200-day simple moving average of $152.57. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the company earned $3.05 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities analysts predict that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.