Cerro Pacific Wealth Advisors LLC Decreases Stock Position in Chevron Co. (NYSE:CVX)

Cerro Pacific Wealth Advisors LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 17.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 27,624 shares of the oil and gas company’s stock after selling 5,937 shares during the quarter. Chevron accounts for approximately 1.6% of Cerro Pacific Wealth Advisors LLC’s investment portfolio, making the stock its 16th biggest position. Cerro Pacific Wealth Advisors LLC’s holdings in Chevron were worth $4,621,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CVX. Sage Capital Advisors llc boosted its position 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 buying an additional 919 shares during the last quarter. Allianz SE purchased a new stake in shares of Chevron during the 4th quarter valued at about $9,369,000. Nicholas Company Inc. boosted its holdings in shares of Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after acquiring an additional 3,280 shares during the last quarter. Applied Finance Capital Management LLC grew its stake in shares of Chevron by 1.6% in the fourth quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock worth $26,044,000 after acquiring an additional 2,755 shares during the period. Finally, Cerity Partners LLC raised its holdings in shares of Chevron by 4.5% during the fourth quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock valued at $174,817,000 after purchasing an additional 52,307 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 1.1%

Shares of NYSE:CVX opened at $136.43 on Friday. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a market cap of $238.26 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The stock has a 50 day moving average of $141.88 and a 200 day moving average of $150.52. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during 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 in the prior year, the business posted $2.93 earnings per share. As a group, equities research analysts expect that Chevron Co. will post 10.79 EPS for the current 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 paid a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 5.01%. Chevron’s payout ratio is presently 78.17%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVX. Wells Fargo & Company dropped their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Mizuho dropped their price target on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Truist Financial lowered their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Finally, UBS Group dropped 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 given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $160.24.

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.