Camden National Bank Trims Holdings in Chevron Co. (NYSE:CVX)

Camden National Bank decreased its holdings in Chevron Co. (NYSE:CVX) by 3.2% during the third quarter, HoldingsChannel.com reports. The firm owned 45,242 shares of the oil and gas company’s stock after selling 1,501 shares during the quarter. Camden National Bank’s holdings in Chevron were worth $6,663,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Marietta Wealth Management LLC grew its position in shares of Chevron by 10.9% during the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after buying an additional 3,965 shares in the last quarter. Leo Wealth LLC grew its position in shares of Chevron by 19.6% during the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after buying an additional 1,354 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 11.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares in the last quarter. RPG Investment Advisory LLC grew its position in shares of Chevron by 3.4% during the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock worth $17,844,000 after buying an additional 3,933 shares in the last quarter. Finally, Garner Asset Management Corp grew its position in shares of Chevron by 14.5% during the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock worth $3,128,000 after buying an additional 2,530 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CVX shares. Barclays raised their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. 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. Mizuho lowered their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Truist Financial raised their price target on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Finally, UBS Group raised their price target on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average price target of $174.93.

Chevron Price Performance

CVX stock opened at $162.36 on Friday. The business’s fifty day moving average price is $151.58 and its 200 day moving average price is $152.69. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The company has a market capitalization of $291.78 billion, a PE ratio of 17.84, a P/E/G ratio of 3.56 and a beta of 1.09.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.02%. Chevron’s dividend payout ratio is currently 71.65%.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s 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 completion of the transaction, the chief executive officer now directly 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 SEC, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

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.