Eastern Bank Lowers stake in Chevron Corporation (CVX)

Chevron Corporation (CVX) : Eastern Bank reduced its stake in Chevron Corporation by 0.6% during the most recent quarter end. The investment management company now holds a total of 222,134 shares of Chevron Corporation which is valued at $23,566,196 after selling 1,339 shares in Chevron Corporation , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Chevron Corporation makes up approximately 1.85% of Eastern Bank’s portfolio.

Other Hedge Funds, Including , Btr Capital Management Inc reduced its stake in CVX by selling 1,827 shares or 1.54% in the most recent quarter. The Hedge Fund company now holds 116,499 shares of CVX which is valued at $12,359,379. Chevron Corporation makes up approx 2.75% of Btr Capital Management Inc’s portfolio.Check Capital Management Incca boosted its stake in CVX in the latest quarter, The investment management firm added 3,125 additional shares and now holds a total of 8,990 shares of Chevron Corporation which is valued at $953,749. Chevron Corporation makes up approx 0.09% of Check Capital Management Incca’s portfolio.Deroy Devereaux Private Investment Counsel Inc boosted its stake in CVX in the latest quarter, The investment management firm added 2,466 additional shares and now holds a total of 124,318 shares of Chevron Corporation which is valued at $13,258,515. Chevron Corporation makes up approx 1.71% of Deroy Devereaux Private Investment Counsel Inc’s portfolio.Nexus Investment Management boosted its stake in CVX in the latest quarter, The investment management firm added 250 additional shares and now holds a total of 11,060 shares of Chevron Corporation which is valued at $1,158,756. Chevron Corporation makes up approx 0.22% of Nexus Investment Management’s portfolio.

Chevron Corporation closed down -0.94 points or -0.88% at $106.09 with 49,31,504 shares getting traded on Monday. Post opening the session at $106.67, the shares hit an intraday low of $106.02 and an intraday high of $106.75 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Chevron Corporation reported $-0.39 EPS for the quarter, missing the analyst consensus estimate by $ -0.23 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $-0.16. The company had revenue of $23533.00 million for the quarter, compared to analysts expectations of $22735.35 million. The company’s revenue was down -31.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.37 EPS.

Many Wall Street Analysts have commented on Chevron Corporation. Company shares were Reiterated by Jefferies on May 2, 2016 to “Buy”, Firm has raised the Price Target to $ 114 from a previous price target of $110 .Company shares were Reiterated by UBS on May 2, 2016 to “Neutral”, Firm has raised the Price Target to $ 104 from a previous price target of $90 .

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates. The Company operates through two segments: Upstream and Downstream. Upstream operations consist primarily of exploring for developing and producing crude oil and natural gas; processing liquefaction transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil through international oil export pipelines; transporting storing and marketing natural gas and operating a gas-to-liquids plant. The Company’s Downstream operations primarily consist of refining crude oil into petroleum products; marketing crude oil and refined products; transporting crude oil and refined products by pipeline marine vessel motor equipment and rail car and manufacturing and marketing commodity petrochemicals plastics for industrial uses and fuel and lubricant additives.

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