Chevron Corporation (NYSE:CVX) Stake Cut by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC cut its position in shares of Chevron Corporation (NYSE:CVX) by 25.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 37,876 shares of the oil and gas company’s stock after selling 12,656 shares during the period. Patton Albertson Miller Group LLC’s holdings in Chevron were worth $6,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Sage Capital Advisors llc increased its holdings 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 during the period. CCG Wealth Management LLC increased its holdings 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 during the period. Oregon Public Employees Retirement Fund increased its holdings 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 during the period. Pines Wealth Management LLC boosted its stake in Chevron by 3.3% during the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock valued at $1,306,000 after buying an additional 253 shares in the last quarter. Finally, Viking Fund Management LLC boosted its stake in Chevron by 9.3% during the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock valued at $19,573,000 after buying an additional 10,000 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Redburn Atlantic reiterated a “sell” rating and issued a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Scotiabank reiterated a “sector perform” rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. BNP Paribas lowered Chevron to a “cautious” rating in a research report on Tuesday, April 15th. HSBC lowered Chevron from a “buy” rating to a “hold” rating and decreased their price target for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, UBS Group decreased their price target on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $161.31.

Chevron Stock Performance

Shares of NYSE CVX opened at $151.55 on Friday. The company has a market cap of $264.66 billion, a P/E ratio of 17.32, a P/E/G ratio of 2.45 and a beta of 0.83. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The business’s 50 day moving average is $143.81 and its two-hundred day moving average is $148.61.

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

Chevron Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

About Chevron

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.