Chevron Co. (CVX) Shares Sold by First Midwest Bank Trust Division
First Midwest Bank Trust Division cut its holdings in shares of Chevron Co. (NYSE:CVX) by 12.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,605 shares of the oil and gas company’s stock after selling 8,952 shares during the period. Chevron comprises approximately 1.2% of First Midwest Bank Trust Division’s holdings, making the stock its 14th largest holding. First Midwest Bank Trust Division’s holdings in Chevron were worth $8,168,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Synovus Financial Corp boosted its position in Chevron by 3.7% in the 2nd quarter. Synovus Financial Corp now owns 202,527 shares of the oil and gas company’s stock valued at $25,622,000 after buying an additional 7,200 shares during the last quarter. Braun Stacey Associates Inc. boosted its position in Chevron by 3.4% in the 2nd quarter. Braun Stacey Associates Inc. now owns 159,809 shares of the oil and gas company’s stock valued at $20,205,000 after buying an additional 5,306 shares during the last quarter. BigSur Wealth Management LLC bought a new position in Chevron in the 2nd quarter valued at $200,000. Suffolk Capital Management LLC bought a new position in Chevron in the 2nd quarter valued at $903,000. Finally, Jaffetilchin Investment Partners LLC boosted its position in Chevron by 40.3% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 10,962 shares of the oil and gas company’s stock valued at $1,386,000 after buying an additional 3,149 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.
A number of brokerages have commented on CVX. Berenberg Bank began coverage on Chevron in a research report on Tuesday, September 11th. They issued a “hold” rating and a $135.00 price objective on the stock. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $150.00 to $135.00 in a research report on Thursday, September 6th. Barclays increased their price objective on Chevron from $145.00 to $148.00 and gave the company an “overweight” rating in a research report on Wednesday, July 11th. Credit Suisse Group set a $132.00 price objective on Chevron and gave the company a “hold” rating in a research report on Sunday, July 1st. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $141.00 price objective on shares of Chevron in a research report on Tuesday, July 31st. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Chevron has a consensus rating of “Buy” and an average price target of $136.83.
NYSE:CVX opened at $117.77 on Friday. Chevron Co. has a 12-month low of $108.02 and a 12-month high of $133.88. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 1.08. The firm has a market capitalization of $234.31 billion, a PE ratio of 31.83, a P/E/G ratio of 2.14 and a beta of 1.07.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 27th. The oil and gas company reported $1.78 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.31). The company had revenue of $42.24 billion during the quarter, compared to the consensus estimate of $46.62 billion. Chevron had a return on equity of 6.89% and a net margin of 7.87%. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 earnings per share. Analysts forecast that Chevron Co. will post 8.17 EPS for the current fiscal year.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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