PNC Financial Services Group Inc. Reduces Stock Holdings in Chevron Co. (NYSE:CVX)

PNC Financial Services Group Inc. cut its stake in shares of Chevron Co. (NYSE:CVX) by 1.3% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,918,183 shares of the oil and gas company’s stock after selling 52,179 shares during the period. PNC Financial Services Group Inc. owned approximately 0.21% of Chevron worth $577,031,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Marietta Wealth Management LLC lifted its stake in Chevron by 10.9% during the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after purchasing an additional 3,965 shares during the last quarter. Leo Wealth LLC lifted its position in shares of Chevron by 19.6% in the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after buying an additional 1,354 shares during the last quarter. RPG Investment Advisory LLC boosted its holdings in shares of Chevron by 3.4% in the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after buying an additional 3,933 shares during the period. Garner Asset Management Corp grew its position in shares of Chevron by 14.5% during the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock valued at $3,128,000 after buying an additional 2,530 shares during the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. raised its stake in Chevron by 3.2% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 114,961 shares of the oil and gas company’s stock worth $16,930,000 after acquiring an additional 3,561 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $160.78 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a market cap of $288.94 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 3.63 and a beta of 1.09. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The stock’s 50-day moving average is $149.80 and its 200-day moving average is $152.57.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same period in the previous year, the firm posted $3.05 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Equities analysts predict that Chevron Co. will post 10.55 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Analysts Set New Price Targets

Several research firms have recently commented on CVX. Royal Bank of Canada upped their target price on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Truist Financial upped their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Mizuho cut their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. UBS Group boosted their price target on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Bank of America initiated coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $174.93.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

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.