Envestnet Portfolio Solutions Inc. Lowers Holdings in Chevron Corporation (NYSE:CVX)

Envestnet Portfolio Solutions Inc. lowered its position in Chevron Corporation (NYSE:CVX) by 15.6% during the 1st quarter, Holdings Channel reports. The firm owned 219,663 shares of the oil and gas company’s stock after selling 40,555 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Chevron were worth $36,747,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Chevron during the fourth quarter valued at $3,017,750,000. Raymond James Financial Inc. bought a new position in Chevron during the 4th quarter worth about $1,036,302,000. GAMMA Investing LLC increased its position in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after purchasing an additional 5,382,847 shares during the period. Bank of New York Mellon Corp increased its position in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after purchasing an additional 2,432,756 shares during the period. Finally, Amundi raised its holdings in shares of Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CVX. Barclays lowered shares of Chevron from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Mizuho decreased their target price on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. BNP Paribas lowered shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. 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 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Hold” and a consensus target price of $160.24.

Chevron Trading Down 0.4%

Shares of NYSE:CVX opened at $148.18 on Thursday. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The stock has a market cap of $258.78 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 2.61 and a beta of 0.83. The business has a 50-day moving average price of $138.82 and a 200-day moving average price of $148.90.

Chevron (NYSE:CVX) last issued 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. The company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. Chevron’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.93 EPS. Equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s payout ratio is 78.17%.

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.