Busey Bank Grows Stake in Chevron Co. (NYSE:CVX)

Busey Bank increased its stake in Chevron Co. (NYSE:CVX) by 1.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 163,042 shares of the oil and gas company’s stock after acquiring an additional 2,897 shares during the period. Busey Bank’s holdings in Chevron were worth $24,011,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its position in shares of Chevron by 19,404.1% during the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after buying an additional 4,876,260 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Chevron by 55.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after buying an additional 3,048,819 shares during the period. Wulff Hansen & CO. boosted its position in shares of Chevron by 15,542.0% during the second quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after buying an additional 1,168,137 shares during the period. Capital International Investors boosted its position in shares of Chevron by 5.9% during the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after buying an additional 743,042 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Chevron by 38.6% during the second quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock valued at $382,448,000 after buying an additional 681,394 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CVX. Mizuho dropped their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. UBS Group boosted their price target on Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Wells Fargo & Company lowered their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

Chevron Stock Performance

Shares of CVX stock opened at $150.82 on Friday. The business’s fifty day simple moving average is $146.51 and its 200-day simple moving average is $153.43. The company has a market cap of $277.96 billion, a PE ratio of 13.87, a PEG ratio of 3.30 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 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.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.08 earnings per share. Analysts expect that Chevron Co. will post 10.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

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.