Mechanics Bank Trust Department Sells 279 Shares of Chevron Co. (NYSE:CVX)

Mechanics Bank Trust Department lessened its position in Chevron Co. (NYSE:CVX) by 0.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,722 shares of the oil and gas company’s stock after selling 279 shares during the quarter. Chevron accounts for 1.2% of Mechanics Bank Trust Department’s portfolio, making the stock its 23rd largest position. Mechanics Bank Trust Department’s holdings in Chevron were worth $9,085,000 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 company. Fairscale Capital LLC bought a new position in Chevron in the 2nd quarter valued at $100,000. Discovery Capital Management LLC CT bought a new position in shares of Chevron in the second quarter worth about $30,705,000. Cyrus J. Lawrence LLC grew its holdings 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 worth $39,000 after purchasing an additional 100 shares during the last quarter. Commonwealth Financial Services LLC lifted its holdings in Chevron by 2.9% during the 2nd quarter. Commonwealth Financial Services LLC now owns 3,359 shares of the oil and gas company’s stock valued at $518,000 after buying an additional 96 shares in the last quarter. Finally, Certified Advisory Corp boosted its position in Chevron by 6.1% in the 2nd quarter. Certified Advisory Corp now owns 17,211 shares of the oil and gas company’s stock valued at $2,692,000 after buying an additional 985 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Raymond James raised their target price on shares of Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research report on Friday. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Bank of America assumed coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Truist Financial lifted their price objective on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday, January 13th. Finally, UBS Group increased their target price on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.27.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction that occurred on 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 owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $161.54 on Tuesday. The firm has a market capitalization of $290.30 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.62 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock’s 50-day simple moving average is $153.93 and its 200-day simple moving average is $151.01. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the company posted $3.05 earnings per share. As a group, equities analysts forecast that Chevron Co. will post 10.39 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

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.