Independence Bank of Kentucky Purchases 3,858 Shares of Chevron Co. (NYSE:CVX)

Independence Bank of Kentucky lifted its position in shares of Chevron Co. (NYSE:CVX) by 10.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,306 shares of the oil and gas company’s stock after acquiring an additional 3,858 shares during the quarter. Chevron makes up about 1.2% of Independence Bank of Kentucky’s investment portfolio, making the stock its 18th largest position. Independence Bank of Kentucky’s holdings in Chevron were worth $5,789,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. American Capital Advisory LLC boosted its holdings 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 worth $25,000 after buying an additional 125 shares during the last quarter. Anfield Capital Management LLC boosted its stake in Chevron by 118.0% during the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC grew its holdings in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares during the period. Cooksen Wealth LLC bought a new stake in Chevron in the fourth quarter valued at approximately $40,000. Finally, Vima LLC bought a new stake in Chevron in the fourth quarter valued at approximately $44,000. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CVX. Wells Fargo & Company reduced their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. 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. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. UBS Group lifted their price target on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Mizuho reduced their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $177.59.

Chevron Stock Up 0.4 %

NYSE CVX traded up $0.60 during trading hours on Friday, hitting $151.22. 472,752 shares of the company traded hands, compared to its average volume of 7,741,313. The stock has a market capitalization of $276.57 billion, a price-to-earnings ratio of 14.91, a P/E/G ratio of 2.70 and a beta of 1.09. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $170.17. The business’s 50-day moving average is $145.41 and its 200-day moving average is $153.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

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

Chevron Dividend Announcement

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

Chevron 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.