Ameriprise Financial Inc. Reduces Holdings in Chevron Corporation $CVX

Key Points

• Ameriprise Financial Inc. reduced its holdings in Chevron Corporation by 4.5% during the first quarter, now owning approximately 15,974,343 shares valued at around $2.67 billion.
• The company reported a quarterly EPS of $1.77, exceeding analysts' expectations of $1.58, despite a 12.4% decline in revenue year-over-year to $44.82 billion.
• Chevron declared a quarterly dividend of $1.71 per share, resulting in an annualized dividend yield of 4.5% and a payout ratio of 88.03%.

Ameriprise Financial Inc. trimmed its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,974,343 shares of the oil and gas company's stock after selling 744,495 shares during the quarter. Chevron makes up approximately 0.7% of Ameriprise Financial Inc.'s investment portfolio, making the stock its 14th largest position. Ameriprise Financial Inc. owned about 0.91% of Chevron worth $2,673,681,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CVX. Norinchukin Bank The raised its position in shares of Chevron by 15.1% in the first quarter. Norinchukin Bank The now owns 104,771 shares of the oil and gas company's stock valued at $17,527,000 after buying an additional 13,719 shares during the last quarter. Lionsbridge Wealth Management LLC acquired a new stake in shares of Chevron in the first quarter valued at about $281,000. CW Advisors LLC raised its position in shares of Chevron by 20.7% in the first quarter. CW Advisors LLC now owns 160,990 shares of the oil and gas company's stock valued at $26,905,000 after buying an additional 27,646 shares during the last quarter. Summit Financial LLC raised its position in shares of Chevron by 23.7% in the first quarter. Summit Financial LLC now owns 36,079 shares of the oil and gas company's stock valued at $6,036,000 after buying an additional 6,920 shares during the last quarter. Finally, United Asset Strategies Inc. raised its position in shares of Chevron by 0.6% in the first quarter. United Asset Strategies Inc. now owns 82,847 shares of the oil and gas company's stock valued at $13,859,000 after buying an additional 526 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $152.8990 on Thursday. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The business's fifty day simple moving average is $150.76 and its 200-day simple moving average is $148.59. The firm has a market cap of $264.21 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.25 and a beta of 0.87. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last announced 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the prior year, the company posted $2.55 EPS. The company's quarterly revenue was down 12.4% on a year-over-year basis. Equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVX. Mizuho reduced 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. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Scotiabank reissued a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Finally, UBS Group boosted their price objective on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $163.95.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.