OLD National Bancorp IN Reduces Stock Position in Chevron Co. (NYSE:CVX)

OLD National Bancorp IN trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 15.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,915 shares of the oil and gas company’s stock after selling 16,254 shares during the quarter. OLD National Bancorp IN’s holdings in Chevron were worth $13,595,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its position in shares of Chevron by 2.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 531,896 shares of the oil and gas company’s stock worth $79,338,000 after buying an additional 11,277 shares in the last quarter. Bristlecone Advisors LLC lifted its stake in Chevron by 4.7% in the fourth quarter. Bristlecone Advisors LLC now owns 16,821 shares of the oil and gas company’s stock worth $2,509,000 after acquiring an additional 749 shares during the period. Ceredex Value Advisors LLC bought a new position in Chevron during the 4th quarter worth about $65,543,000. First Merchants Corp increased its position in Chevron by 1.7% during the 4th quarter. First Merchants Corp now owns 51,246 shares of the oil and gas company’s stock valued at $7,644,000 after purchasing an additional 845 shares during the period. Finally, Americana Partners LLC raised its holdings in shares of Chevron by 0.8% in the 4th quarter. Americana Partners LLC now owns 91,280 shares of the oil and gas company’s stock valued at $13,571,000 after purchasing an additional 731 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CVX. Wells Fargo & Company increased their price objective on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Piper Sandler upped their price objective on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and cut their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Barclays decreased their price target on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, TD Cowen lifted their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $183.82.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of the sale, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

Chevron Stock Performance

CVX stock traded up $0.49 during midday trading on Friday, reaching $144.98. The stock had a trading volume of 7,650,664 shares, compared to its average volume of 7,562,307. The firm has a fifty day simple moving average of $154.87 and a two-hundred day simple moving average of $155.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The stock has a market cap of $267.19 billion, a PE ratio of 13.34, a P/E/G ratio of 2.33 and a beta of 1.10. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.64% and a net margin of 9.31%. The business had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the previous year, the company earned $3.08 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Chevron Co. will post 12.3 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.50%. Chevron’s payout ratio is 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.