Adams Natural Resources Fund Inc. Sells 509,946 Shares of Chevron Corporation (NYSE:CVX)

Adams Natural Resources Fund Inc. reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 100.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 225 shares of the oil and gas company's stock after selling 509,946 shares during the quarter. Adams Natural Resources Fund Inc.'s holdings in Chevron were worth $38,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after purchasing an additional 392,916 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock valued at $4,613,960,000 after purchasing an additional 746,806 shares during the period. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp increased its stake in Chevron by 7.3% during 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. Finally, Fisher Asset Management LLC lifted its stake in shares of Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock worth $2,881,280,000 after acquiring an additional 410,460 shares in 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 weighed in on the stock. Barclays downgraded shares of Chevron from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. BNP Paribas lowered shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Redburn Atlantic restated a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock 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 issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $160.29.

Chevron Trading Up 0.7%

Shares of CVX traded up $0.95 during trading hours on Thursday, reaching $144.18. 1,089,523 shares of the company traded hands, compared to its average volume of 8,969,374. 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 12 month low of $132.04 and a 12 month high of $168.96. The company's fifty day moving average price is $139.95 and its two-hundred day moving average price is $148.45. The company has a market capitalization of $251.79 billion, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share 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 company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same period in the previous year, the business earned $2.93 EPS. The firm's revenue for the quarter was down 2.3% on a year-over-year basis. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.74%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) 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.