Avity Investment Management Inc. Reduces Stock Position in Chevron Co. (NYSE:CVX)

by · The Cerbat Gem

Avity Investment Management Inc. cut its stake in Chevron Co. (NYSE:CVX – Free Report) by 7.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 176,181 shares of the oil and gas company’s stock after selling 13,482 shares during the period. Chevron accounts for approximately 2.4% of Avity Investment Management Inc.’s portfolio, making the stock its 23rd largest position. Avity Investment Management Inc.’s holdings in Chevron were worth $29,473,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Chevron in the 4th quarter worth approximately $3,017,750,000. Raymond James Financial Inc. bought a new position in shares of Chevron in the 4th quarter worth approximately $1,036,302,000. GAMMA Investing LLC raised its position in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Chevron by 17.3% during the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Finally, Amundi increased its stake in shares of Chevron by 27.7% during the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.4%

Shares of Chevron stock opened at $136.82 on Friday. The company’s fifty day simple moving average is $139.54 and its 200-day simple moving average is $149.95. The stock has a market capitalization of $238.95 billion, a PE ratio of 14.08, a P/E/G ratio of 1.46 and a beta of 0.83. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. 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 (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share 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 net margin of 8.71% and a return on equity of 11.44%. The company’s revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.93 EPS. As a group, equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 5.00%. The ex-dividend date is Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CVX shares. Mizuho decreased their target price on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and decreased their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Piper Sandler decreased their target price on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Finally, Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Three equities 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. According to data from MarketBeat, Chevron presently has a consensus rating of “Hold” and a consensus target price of $160.24.

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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.

See Also

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