Hendley & Co. Inc. Reduces Stake in Chevron Corporation (NYSE:CVX)

Hendley & Co. Inc. cut its position in shares of Chevron Corporation (NYSE:CVX) by 11.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 54,318 shares of the oil and gas company’s stock after selling 6,971 shares during the quarter. Chevron comprises 3.2% of Hendley & Co. Inc.’s investment portfolio, making the stock its 8th biggest holding. Hendley & Co. Inc.’s holdings in Chevron were worth $9,087,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sage Capital Advisors llc boosted its position in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC boosted its position in shares of Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock valued at $1,060,000 after purchasing an additional 145 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock valued at $24,075,000 after purchasing an additional 675 shares in the last quarter. Pines Wealth Management LLC boosted its holdings in Chevron by 3.3% in the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock worth $1,306,000 after acquiring an additional 253 shares in the last quarter. Finally, Viking Fund Management LLC boosted its holdings in Chevron by 9.3% in the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock worth $19,573,000 after acquiring an additional 10,000 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on CVX shares. Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Piper Sandler boosted their target price on Chevron from $162.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Wells Fargo & Company reissued an “overweight” rating and issued a $165.00 target price (up from $164.00) on shares of Chevron in a report on Thursday, June 26th. Finally, Mizuho dropped their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $160.41.

Chevron Trading Up 0.2%

Shares of NYSE:CVX opened at $148.23 on Friday. The company has a market cap of $258.86 billion, a P/E ratio of 16.94, a PEG ratio of 2.51 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock’s fifty day moving average price is $141.16 and its 200-day moving average price is $148.10.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period last year, the firm posted $2.93 earnings per share. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.61%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

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.