Freestone Capital Holdings LLC Lowers Stock Position in Chevron Corporation (NYSE:CVX)

Freestone Capital Holdings LLC lessened its holdings in Chevron Corporation (NYSE:CVX) by 8.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 53,853 shares of the oil and gas company’s stock after selling 4,742 shares during the period. Freestone Capital Holdings LLC’s holdings in Chevron were worth $9,009,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Eagle Capital Management LLC lifted its position in Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock valued at $5,011,000 after acquiring an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Chevron by 7.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock valued at $5,212,000 after acquiring an additional 2,641 shares during the last quarter. Marshall Wace LLP lifted its position in Chevron by 236,330.0% during the fourth quarter. Marshall Wace LLP now owns 236,430 shares of the oil and gas company’s stock valued at $34,245,000 after acquiring an additional 236,330 shares during the last quarter. Capital International Sarl lifted its position in Chevron by 22.7% during the fourth quarter. Capital International Sarl now owns 38,728 shares of the oil and gas company’s stock valued at $5,609,000 after acquiring an additional 7,166 shares during the last quarter. Finally, Freedom Investment Management Inc. lifted its position in Chevron by 1.8% during the fourth quarter. Freedom Investment Management Inc. now owns 9,256 shares of the oil and gas company’s stock valued at $1,341,000 after acquiring an additional 167 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CVX shares. 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. UBS Group reissued a “buy” rating and set a $186.00 target price (up previously from $177.00) on shares of Chevron in a research report on Monday, August 4th. Morgan Stanley began coverage on shares of Chevron in a research note on Monday, August 4th. They set an “overweight” rating and a $174.00 price target on the stock. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Finally, TD Cowen upped their price target on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $164.11.

Chevron Stock Up 0.9%

NYSE:CVX opened at $156.52 on Friday. The firm has a market capitalization of $270.46 billion, a P/E ratio of 20.14, a PEG ratio of 2.35 and a beta of 0.87. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company’s fifty day moving average price is $150.13 and its 200-day moving average price is $148.54. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm’s revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the business earned $2.55 earnings per share. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

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.