First Midwest Bank Trust Division decreased its position in Chevron Co. (NYSE:CVX) by 12.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,605 shares of the oil and gas company’s stock after selling 8,952 shares during the quarter. Chevron accounts for 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 reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Synovus Financial Corp raised its stake in shares of 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 purchasing an additional 7,200 shares during the period. Braun Stacey Associates Inc. raised its stake in shares of 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 purchasing an additional 5,306 shares during the period. BigSur Wealth Management LLC acquired a new stake in shares of Chevron in the 2nd quarter valued at about $200,000. Suffolk Capital Management LLC acquired a new stake in shares of Chevron in the 2nd quarter valued at about $903,000. Finally, Jaffetilchin Investment Partners LLC raised its stake in shares of 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 purchasing an additional 3,149 shares during the period. 64.82% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider James William Johnson sold 4,750 shares of Chevron stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $116.00, for a total transaction of $551,000.00. Following the completion of the transaction, the insider now owns 4,750 shares in the company, valued at $551,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.31). Chevron had a return on equity of 6.89% and a net margin of 7.87%. The business had revenue of $42.24 billion for the quarter, compared to the consensus estimate of $46.62 billion. During the same quarter in the previous year, the business posted $0.77 EPS. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Co. will post 8.17 EPS for the current year.
Several analysts have issued reports on the company. Goldman Sachs Group reissued a “buy” rating and issued a $141.00 price target on shares of Chevron in a research note on Tuesday, July 31st. Barclays raised their price objective on Chevron from $145.00 to $148.00 and gave the company an “overweight” rating in a report on Wednesday, July 11th. Royal Bank of Canada restated a “neutral” rating and issued a $145.00 price objective on shares of Chevron in a report on Monday, July 2nd. ValuEngine cut Chevron from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Redburn Partners cut Chevron from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $130.00 to $115.00 in a report on Wednesday, October 3rd. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $136.83.
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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