Chevron Co. (NYSE:CVX) Shares Sold by Eagle Rock Investment Company LLC

Eagle Rock Investment Company LLC cut its holdings in Chevron Co. (NYSE:CVX) by 0.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 49,506 shares of the oil and gas company’s stock after selling 292 shares during the period. Chevron makes up about 1.4% of Eagle Rock Investment Company LLC’s portfolio, making the stock its 20th largest holding. Eagle Rock Investment Company LLC’s holdings in Chevron were worth $8,282,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CVX. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and cut their price target for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. TD Cowen decreased their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Redburn Atlantic reissued a “sell” rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. BNP Paribas cut shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Finally, Wells Fargo & Company cut their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Stock Up 2.4%

CVX opened at $140.21 on Friday. The firm’s 50-day simple moving average is $138.98 and its 200-day simple moving average is $149.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market cap of $244.86 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its 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 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the firm earned $2.93 EPS. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. Equities research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.88%. Chevron’s payout ratio is presently 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.