Summit X LLC Trims Stock Holdings in Chevron Corporation (NYSE:CVX)

Summit X LLC trimmed its position in Chevron Corporation (NYSE:CVX) by 10.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,381 shares of the oil and gas company’s stock after selling 729 shares during the period. Summit X LLC’s holdings in Chevron were worth $1,068,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. IMG Wealth Management Inc. bought a new stake in Chevron in the fourth quarter worth $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron in the fourth quarter worth $29,000. 10Elms LLP bought a new stake in Chevron in the fourth quarter worth $29,000. IFS Advisors LLC boosted its holdings in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after acquiring an additional 116 shares in the last quarter. Finally, Navigoe LLC bought a new position in shares of Chevron during the fourth quarter valued at $33,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $150.71 on Wednesday. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The company has a market cap of $263.20 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.57 and a beta of 0.83. The business’s 50 day moving average price is $143.24 and its 200 day moving average price is $148.54.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during 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 company’s revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.93 earnings per share. On average, research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.54%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is 78.17%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Piper Sandler reissued an “overweight” rating on shares of Chevron in a report on Tuesday. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $165.00 price objective (up previously from $164.00) on shares of Chevron in a research note on Thursday, June 26th. UBS Group decreased their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. DZ Bank cut 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. Finally, TD Cowen cut their target price on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $161.65.

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.