Richard Bernstein Advisors LLC Decreases Stock Position in Chevron Corporation (NYSE:CVX)

Richard Bernstein Advisors LLC decreased its position in shares of Chevron Corporation (NYSE:CVX) by 5.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,972 shares of the oil and gas company’s stock after selling 1,532 shares during the period. Richard Bernstein Advisors LLC’s holdings in Chevron were worth $4,512,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron during the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp lifted its holdings in shares of Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after buying an additional 1,394,091 shares during the period. Franklin Resources Inc. lifted its stake in Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock worth $2,502,850,000 after acquiring an additional 79,917 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of Chevron by 1.3% during the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company’s stock valued at $2,421,564,000 after purchasing an additional 211,023 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. BNP Paribas cut Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Redburn Atlantic reiterated a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. TD Cowen reduced their target price on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $165.00 price target (up previously from $164.00) on shares of Chevron in a report on Thursday, June 26th. Three equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $160.41.

Chevron Trading Up 0.2%

Shares of CVX opened at $148.23 on Monday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market capitalization of $258.86 billion, a P/E ratio of 16.94, a P/E/G ratio of 2.51 and a beta of 0.83. The firm has a 50-day moving average price of $141.16 and a 200 day moving average price of $148.15. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter last year, the firm earned $2.93 EPS. The business’s revenue was down 2.3% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.61%. Chevron’s dividend payout ratio is currently 78.17%.

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.