Hedges Asset Management LLC Decreases Stock Position in Chevron Corporation (NYSE:CVX)

Hedges Asset Management LLC cut its stake in Chevron Corporation (NYSE:CVX) by 7.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,600 shares of the oil and gas company’s stock after selling 1,000 shares during the quarter. Chevron comprises approximately 1.3% of Hedges Asset Management LLC’s holdings, making the stock its 22nd largest holding. Hedges Asset Management LLC’s holdings in Chevron were worth $2,108,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. IMG Wealth Management Inc. purchased a new position in shares of Chevron during the 4th quarter worth about $25,000. Life Planning Partners Inc bought a new stake in Chevron in the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. 10Elms LLP bought a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. Finally, Fairway Wealth LLC raised its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after buying an additional 88 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.8%

NYSE:CVX opened at $144.40 on Friday. The firm has a 50-day simple moving average of $140.08 and a 200-day simple moving average of $148.37. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The firm has a market cap of $252.18 billion, a P/E ratio of 16.50, a P/E/G ratio of 2.51 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. Chevron’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.93 earnings per share. Equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $160.00 to $143.00 in a report on Friday, April 11th. DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price for the company. in a research report on Tuesday, May 6th. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. UBS Group reduced their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Finally, Redburn Atlantic reissued a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $160.29.

Chevron Company 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.