Red Spruce Capital LLC Trims Holdings in Chevron Co. (NYSE:CVX)

Red Spruce Capital LLC reduced its stake in Chevron Co. (NYSE:CVX) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,801 shares of the oil and gas company’s stock after selling 182 shares during the quarter. Red Spruce Capital LLC’s holdings in Chevron were worth $1,305,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CVX. Life Planning Partners Inc purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $25,000. IMG Wealth Management Inc. acquired a new position in Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. purchased a new position in Chevron in the fourth quarter worth approximately $29,000. 10Elms LLP acquired a new stake in Chevron during the fourth quarter worth $29,000. Finally, Fairway Wealth LLC raised its position in Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX stock opened at $137.89 on Friday. The business’s 50-day moving average is $142.47 and its two-hundred day moving average is $150.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a market capitalization of $240.81 billion, a P/E ratio of 14.19, 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.

Chevron (NYSE:CVX) last announced 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 for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business earned $2.93 EPS. Analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is 78.17%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CVX. Hsbc Global Res cut Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. TD Cowen dropped their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, UBS Group cut their target price on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $160.24.

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.