Truist Financial Corp Sells 355,821 Shares of Chevron Co. (NYSE:CVX)

Truist Financial Corp reduced its position in shares of Chevron Co. (NYSE:CVX) by 14.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,102,786 shares of the oil and gas company’s stock after selling 355,821 shares during the period. Truist Financial Corp’s holdings in Chevron were worth $313,651,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CVX. Picton Mahoney Asset Management purchased a new stake in shares of Chevron in the 3rd quarter worth about $26,000. Valley Forge Investment Consultants Inc. ADV raised its stake in Chevron by 80.0% in the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after buying an additional 80 shares in the last quarter. Valued Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter worth about $33,000. Legacy Financial Group LLC bought a new stake in Chevron during the 3rd quarter valued at approximately $43,000. Finally, Roble Belko & Company Inc grew its holdings in shares of Chevron by 77.3% during the 4th quarter. Roble Belko & Company Inc now owns 344 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 150 shares during the period. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CVX shares. Mizuho raised their target price on Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Raymond James increased their price objective on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Truist Financial decreased their price target on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research note on Friday, April 5th. Finally, Jefferies Financial Group raised shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research note on Monday, January 8th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $184.75.

Chevron Stock Up 0.3 %

Shares of CVX stock traded up $0.55 during mid-day trading on Friday, hitting $165.83. The company’s stock had a trading volume of 9,733,427 shares, compared to its average volume of 8,480,016. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70. The stock has a market cap of $307.99 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 2.41 and a beta of 1.12. The business has a 50-day moving average price of $156.58 and a 200 day moving average price of $151.83.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, missing analysts’ consensus estimates of $3.06 by ($0.13). The business had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. Chevron’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period last year, the firm posted $3.55 EPS. Research analysts predict that Chevron Co. will post 13.58 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were issued a $1.63 dividend. The ex-dividend date was Thursday, February 15th. This represents a $6.52 annualized dividend and a yield of 3.93%. This is a boost from Chevron’s previous quarterly dividend of $1.51. Chevron’s dividend payout ratio (DPR) is currently 57.39%.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the sale, the vice president now owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.18% of the stock is currently owned by insiders.

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.