Mechanics Bank Trust Department Sells 279 Shares of Chevron Co. (NYSE:CVX)

Mechanics Bank Trust Department lessened its stake in Chevron Co. (NYSE:CVX) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,722 shares of the oil and gas company’s stock after selling 279 shares during the period. Chevron makes up approximately 1.2% of Mechanics Bank Trust Department’s holdings, making the stock its 23rd largest position. Mechanics Bank Trust Department’s holdings in Chevron were worth $9,085,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CVX. Diversify Wealth Management LLC grew its holdings in shares of Chevron by 51.2% in the fourth quarter. Diversify Wealth Management LLC now owns 30,483 shares of the oil and gas company’s stock worth $4,668,000 after acquiring an additional 10,319 shares during the period. Guardian Investment Management boosted its position in Chevron by 3.2% in the fourth quarter. Guardian Investment Management now owns 20,928 shares of the oil and gas company’s stock worth $3,031,000 after purchasing an additional 650 shares during the last quarter. LVW Advisors LLC boosted its position in Chevron by 21.8% in the fourth quarter. LVW Advisors LLC now owns 10,945 shares of the oil and gas company’s stock worth $1,585,000 after purchasing an additional 1,962 shares during the last quarter. Smart Money Group LLC increased its position in shares of Chevron by 39.0% during the 4th quarter. Smart Money Group LLC now owns 3,651 shares of the oil and gas company’s stock valued at $529,000 after purchasing an additional 1,025 shares during the last quarter. Finally, City Holding Co. lifted its stake in shares of Chevron by 0.4% in the 4th quarter. City Holding Co. now owns 38,374 shares of the oil and gas company’s stock worth $5,558,000 after purchasing an additional 141 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CVX. Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Bank of America started coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Barclays lifted their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research report on Tuesday, November 5th. Finally, UBS Group lifted their price objective on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.27.

Insider Buying and Selling 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 shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by company insiders.

Chevron Trading Up 1.4 %

Shares of Chevron stock opened at $161.54 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market cap of $290.30 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $167.11. The business has a 50-day moving average price of $153.93 and a 200-day moving average price of $151.01.

Chevron (NYSE:CVX) last released its quarterly earnings data 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. The business had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.05 EPS. Equities research analysts anticipate that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

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.