Channel Wealth LLC Cuts Stake in Chevron Co. (NYSE:CVX)

by · The Cerbat Gem

Channel Wealth LLC reduced its stake in Chevron Co. (NYSE:CVX – Free Report) by 1.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 5,074 shares of the oil and gas company’s stock after selling 93 shares during the period. Channel Wealth LLC’s holdings in Chevron were worth $849,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. Capital & Planning LLC lifted its holdings in Chevron by 15.2% during the fourth quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company’s stock valued at $243,000 after purchasing an additional 222 shares during the last quarter. Eagle Capital Management LLC lifted its holdings in Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock valued at $5,011,000 after purchasing an additional 242 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Chevron during the fourth quarter valued at about $8,947,000. Optas LLC bought a new stake in shares of Chevron during the fourth quarter valued at about $321,000. Finally, Columbus Macro LLC increased its position in shares of Chevron by 49.3% during the fourth quarter. Columbus Macro LLC now owns 2,194 shares of the oil and gas company’s stock valued at $318,000 after buying an additional 724 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Mizuho decreased their price target on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. TD Cowen decreased their price objective on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Piper Sandler decreased their price objective on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company decreased their price objective on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $160.24.

Read Our Latest Research Report on Chevron

Chevron Stock Down 1.5%

Shares of CVX opened at $137.46 on Thursday. The firm has a market cap of $240.06 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.46 and a beta of 0.83. The stock has a 50 day simple moving average of $140.16 and a two-hundred day simple moving average of $150.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX – Get Free Report) last announced its quarterly earnings results 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. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the firm posted $2.93 earnings per share. The firm’s revenue was down 2.3% on a year-over-year basis. On average, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date is Monday, May 19th. Chevron’s payout ratio is 78.17%.

Chevron Profile

(Free Report)

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.

Further Reading

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