Financial Perspectives Inc Reduces Holdings in Chevron Corporation (NYSE:CVX)

Financial Perspectives Inc decreased its holdings in Chevron Corporation (NYSE:CVX) by 18.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,697 shares of the oil and gas company’s stock after selling 387 shares during the quarter. Financial Perspectives Inc’s holdings in Chevron were worth $284,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. IMG Wealth Management Inc. bought a new stake in Chevron during the 4th quarter worth approximately $25,000. Life Planning Partners Inc bought a new stake in Chevron during the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron during the 4th quarter worth approximately $29,000. 10Elms LLP bought a new stake in Chevron during the 4th quarter worth approximately $29,000. Finally, Fairway Wealth LLC raised its stake in Chevron by 75.9% during the 4th 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 period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. BNP Paribas cut shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and decreased their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. UBS Group decreased their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Finally, Redburn Atlantic reiterated a “sell” rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Trading Up 1.9%

Shares of CVX opened at $148.86 on Wednesday. The company’s fifty day moving average is $138.78 and its 200 day moving average is $148.91. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market capitalization of $259.97 billion, a PE ratio of 17.01, a P/E/G ratio of 2.56 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08.

Chevron (NYSE:CVX) last announced 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 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter in the previous year, the business posted $2.93 earnings per share. Chevron’s quarterly revenue was down 2.3% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.59%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

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.