Chevron Corporation (NYSE:CVX) Shares Sold by Valmark Advisers Inc.

Valmark Advisers Inc. cut its stake in shares of Chevron Corporation (NYSE:CVX) by 8.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 15,096 shares of the oil and gas company’s stock after selling 1,313 shares during the period. Valmark Advisers Inc.’s holdings in Chevron were worth $2,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Chevron Trading Down 1.8%

Shares of CVX stock opened at $146.92 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The stock has a market cap of $256.58 billion, a P/E ratio of 16.79, a P/E/G ratio of 2.63 and a beta of 0.83. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The business has a fifty day simple moving average of $139.60 and a 200-day simple moving average of $148.52.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS 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 return on equity of 10.73% and a net margin of 7.76%. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.93 earnings per share. On average, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

Analysts Set New Price Targets

Several research firms have issued reports on CVX. DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. BNP Paribas cut Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Mizuho cut their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company cut their price objective on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Three equities 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, Chevron 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.