Mechanics Bank Trust Department Has $9.28 Million Stake in Chevron Co. (NYSE:CVX)

Mechanics Bank Trust Department reduced its position in shares of Chevron Co. (NYSE:CVX) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,001 shares of the oil and gas company’s stock after selling 558 shares during the period. Chevron comprises about 1.2% of Mechanics Bank Trust Department’s investment portfolio, making the stock its 23rd largest holding. Mechanics Bank Trust Department’s holdings in Chevron were worth $9,278,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. American Capital Advisory LLC boosted its position in Chevron by 403.2% during the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 125 shares during the last quarter. Anfield Capital Management LLC boosted its holdings in shares of Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC grew its stake in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. Cooksen Wealth LLC acquired a new position in Chevron during the fourth quarter worth $40,000. Finally, Vima LLC bought a new stake in Chevron during the fourth quarter worth $44,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

NYSE CVX opened at $151.42 on Friday. The firm has a 50-day moving average price of $145.46 and a two-hundred day moving average price of $153.95. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $170.17. The company has a market capitalization of $276.94 billion, a P/E ratio of 14.99, a P/E/G ratio of 2.70 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter last year, the firm posted $3.08 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts anticipate that Chevron Co. will post 11.09 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s payout ratio is currently 64.55%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CVX shares. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 price target on shares of Chevron in a research report on Tuesday, October 8th. Scotiabank cut their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday. Barclays decreased their target price on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Finally, Wolfe Research initiated coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $176.81.

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.