Principal Street Partners LLC Reduces Stock Holdings in Chevron Co. (NYSE:CVX)

Principal Street Partners LLC cut its position in shares of Chevron Co. (NYSE:CVX) by 3.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 36,214 shares of the oil and gas company’s stock after selling 1,388 shares during the quarter. Principal Street Partners LLC’s holdings in Chevron were worth $5,245,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. IMG Wealth Management Inc. purchased a new stake in shares of Chevron during the 4th quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in Chevron during the fourth quarter worth $29,000. Fairway Wealth LLC increased its stake in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the last quarter. Navigoe LLC purchased a new stake in Chevron in the fourth quarter valued at $33,000. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Chevron in the 4th quarter valued at $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

NYSE:CVX opened at $138.52 on Tuesday. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a fifty day simple moving average of $146.37 and a two-hundred day simple moving average of $151.71. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a market cap of $241.91 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same period in the previous year, the firm posted $2.93 EPS. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVX. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Piper Sandler lowered 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. TD Cowen reduced their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Raymond James decreased their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Finally, UBS Group dropped their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Three investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $160.24.

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.