Investment Partners Asset Management Inc. Sells 1,792 Shares of Chevron Co. (NYSE:CVX)

Investment Partners Asset Management Inc. cut its stake in shares of Chevron Co. (NYSE:CVX) by 55.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,427 shares of the oil and gas company’s stock after selling 1,792 shares during the period. Investment Partners Asset Management Inc.’s holdings in Chevron were worth $239,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IMG Wealth Management Inc. purchased a new position in Chevron during the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. bought a new position in Chevron in the 4th quarter valued at $29,000. 10Elms LLP bought a new position in Chevron in the 4th quarter valued at $29,000. Fairway Wealth LLC grew its position in shares of Chevron by 75.9% during the 4th 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 in the last quarter. Finally, IFS Advisors LLC grew its position in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 116 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Up 1.9%

Shares of NYSE CVX opened at $143.40 on Wednesday. The stock has a market capitalization of $250.43 billion, a P/E ratio of 14.75, a PEG ratio of 1.46 and a beta of 0.83. 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 one year low of $132.04 and a one year high of $168.96. The firm’s 50 day simple moving average is $138.21 and its two-hundred day simple moving average is $149.46.

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 the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the previous year, the firm posted $2.93 earnings per share. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVX. Mizuho lowered their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Redburn Atlantic restated a “sell” rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. TD Cowen lowered their price target on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $160.00 to $143.00 in a report on Friday, April 11th. 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 investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.