NBT Bank N.A. has acquired a new position in Chevron Corporation (NYSE: CVX) during the third quarter, purchasing 77,896 shares valued at approximately $15,907,000. This investment makes Chevron represent 1.1% of NBT Bank N.A.'s portfolio, positioning it as the bank's 20th largest holding.
Several other institutional investors have also adjusted their stakes in Chevron. Gemmer Asset Management LLC increased its holdings by 1.1%, now owning 4,254 shares worth $869,000. First PREMIER Bank raised its position by 0.8%, holding 6,450 shares valued at $1,070,000. Vanguard Capital Wealth Advisors boosted its stake by 1.8%, now owning 2,818 shares worth $467,000. Nautilus Advisors LLC increased its position by 2.8%, holding 1,859 shares valued at $380,000. Virginia Estate & Retirement Planning Advisors Inc. lifted its stake by 20.8%, now owning 290 shares worth $59,000.
Analysts have shown optimism towards Chevron, with several upgrading their ratings and price targets. JPMorgan Chase & Co. raised its target price to $222.00, while Royal Bank Of Canada set it at $230.00. Zacks Research upgraded Chevron to a "strong-buy" rating, and Piper Sandler lifted its price objective to $243.00. Argus increased its target to $211.00. The consensus rating among analysts is a "Moderate Buy" with a target price of $213.96.
Chevron's stock opened at $233.39 on Friday, with a 12-month range of $146.49 to $233.74. The company reported strong quarterly earnings of $6.06 per share, beating estimates by $0.51. Chevron's revenue for the quarter was $67.20 billion, up 57.4% year-over-year. The company also announced a quarterly dividend of $1.78, representing a 3.1% yield.