Toronto Dominion Bank Lowers Stock Position in Chevron Co. (NYSE:CVX)

Toronto Dominion Bank cut its holdings in Chevron Co. (NYSE:CVX) by 13.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 899,933 shares of the oil and gas company’s stock after selling 145,863 shares during the quarter. Toronto Dominion Bank’s holdings in Chevron were worth $140,768,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Pacifica Partners Inc. increased its stake in Chevron by 1.8% during the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock valued at $546,000 after purchasing an additional 63 shares in the last quarter. Private Wealth Management Group LLC lifted its position in Chevron by 15.7% in the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock valued at $73,000 after acquiring an additional 63 shares in the last quarter. Montz Harcus Wealth Management LLC boosted its stake in Chevron by 2.2% during the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after purchasing an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC increased its holdings in shares of Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after purchasing an additional 64 shares in the last quarter. Finally, Marks Group Wealth Management Inc raised its stake in shares of Chevron by 3.1% in the first quarter. Marks Group Wealth Management Inc now owns 2,148 shares of the oil and gas company’s stock worth $339,000 after purchasing an additional 65 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on CVX. Wolfe Research initiated coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Truist Financial reduced their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. UBS Group cut their target price on shares of Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, Royal Bank of Canada decreased their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $182.41.

Chevron Stock Performance

CVX opened at $147.45 on Wednesday. The firm has a market cap of $269.67 billion, a P/E ratio of 13.56, a PEG ratio of 2.68 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company has a 50 day simple moving average of $147.64 and a two-hundred day simple moving average of $154.50. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $171.70.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.08 EPS. Equities analysts forecast that Chevron Co. will post 11.02 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders 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 4.42%. Chevron’s dividend payout ratio (DPR) is 59.98%.

About Chevron

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.