PNC Financial Services Group Inc. Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

PNC Financial Services Group Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,918,183 shares of the oil and gas company's stock after selling 52,179 shares during the period. PNC Financial Services Group Inc. owned approximately 0.21% of Chevron worth $577,031,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Chevron in the third quarter worth approximately $10,959,000. Banque Cantonale Vaudoise boosted its holdings in Chevron by 13.9% during the 3rd quarter. Banque Cantonale Vaudoise now owns 72,017 shares of the oil and gas company's stock worth $10,606,000 after acquiring an additional 8,772 shares during the last quarter. SouthState Corp grew its stake in shares of Chevron by 3.7% in the 3rd quarter. SouthState Corp now owns 96,180 shares of the oil and gas company's stock worth $14,164,000 after acquiring an additional 3,398 shares in the last quarter. Beddow Capital Management Inc. grew its stake in shares of Chevron by 7.4% in the 3rd quarter. Beddow Capital Management Inc. now owns 2,175 shares of the oil and gas company's stock worth $320,000 after acquiring an additional 150 shares in the last quarter. Finally, Guardian Wealth Advisors LLC raised its holdings in shares of Chevron by 3.4% in the third quarter. Guardian Wealth Advisors LLC now owns 5,999 shares of the oil and gas company's stock valued at $884,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

Shares of NYSE CVX traded down $1.15 during mid-day trading on Tuesday, hitting $159.61. The company had a trading volume of 4,656,781 shares, compared to its average volume of 7,657,261. The stock's 50-day moving average price is $149.80 and its 200-day moving average price is $152.57. The company has a market capitalization of $286.83 billion, a price-to-earnings ratio of 17.52, a P/E/G ratio of 3.63 and a beta of 1.09. 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 1 year low of $135.37 and a 1 year high of $167.11.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company's quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.05 EPS. On average, sell-side analysts forecast that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared 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 is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.08%. Chevron's dividend payout ratio (DPR) is currently 71.65%.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the business'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 owns 4,280 shares of the company's stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an "overweight" rating in a research report on Monday, November 4th. Scotiabank decreased their price target on Chevron from $180.00 to $163.00 and set a "sector outperform" rating for the company in a research report on Thursday, October 10th. DZ Bank upgraded Chevron from a "hold" rating to a "buy" rating and set a $170.00 price objective for the company in a research note on Tuesday, November 5th. Bank of America started coverage on Chevron in a research note on Thursday, October 17th. They set a "buy" rating and a $168.00 target price on the stock. Finally, Mizuho reduced their price target on shares of Chevron from $205.00 to $189.00 and set an "outperform" rating for the company in a research report on Monday, September 16th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and an average price target of $174.93.

Chevron Profile

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.