Truist Financial Corp Has $313.65 Million Holdings in Chevron Co. (NYSE:CVX)

Truist Financial Corp trimmed its position in shares of Chevron Co. (NYSE:CVX) by 14.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,102,786 shares of the oil and gas company’s stock after selling 355,821 shares during the period. Truist Financial Corp owned approximately 0.11% of Chevron worth $313,651,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its position in shares of Chevron by 15,548.2% during the 4th quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock worth $4,776,720,000 after buying an additional 3,181,946 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Chevron by 7.0% in the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock worth $5,761,223,000 after acquiring an additional 2,244,995 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Chevron in the 3rd quarter valued at approximately $348,789,000. Envestnet Asset Management Inc. grew its holdings in shares of Chevron by 36.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 4,614,498 shares of the oil and gas company’s stock valued at $778,097,000 after purchasing an additional 1,230,619 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in Chevron by 28.3% during the 3rd quarter. California Public Employees Retirement System now owns 4,179,942 shares of the oil and gas company’s stock worth $704,822,000 after purchasing an additional 923,119 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading 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 market cap of $307.99 billion, a PE ratio of 14.60, a P/E/G ratio of 2.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. The company’s fifty day simple moving average is $156.58 and its 200-day simple moving average is $151.83. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $171.70.

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 the consensus estimate of $48.42 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.55 earnings per share. As a group, equities research analysts expect that Chevron Co. will post 13.58 earnings per share 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 given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date was Thursday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is presently 57.39%.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction dated 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 directly owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research reports. TD Cowen cut shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $170.00 to $150.00 in a research note on Tuesday, January 23rd. Piper Sandler upped their target price on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Wells Fargo & Company lifted their price target on Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Royal Bank of Canada upped their price objective on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, UBS Group raised their price objective on shares of Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $184.75.

Chevron Company 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.