Arrow Financial Corp Trims Position in Chevron Corporation (NYSE:CVX)

Arrow Financial Corp reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 44.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,277 shares of the oil and gas company's stock after selling 6,649 shares during the period. Arrow Financial Corp's holdings in Chevron were worth $1,385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mizuho Securities Co. Ltd. purchased a new position in Chevron in the fourth quarter valued at about $29,000. 10Elms LLP purchased a new stake in shares of Chevron during the 4th quarter valued at $29,000. IFS Advisors LLC grew its holdings in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Navigoe LLC bought a new stake in Chevron in the 4th quarter worth $33,000. Finally, Cloud Capital Management LLC bought a new stake in Chevron in the 1st quarter worth $39,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of Chevron stock traded up $2.92 during midday trading on Wednesday, hitting $152.96. The company had a trading volume of 13,129,274 shares, compared to its average volume of 8,687,558. The stock has a market cap of $267.12 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 2.47 and a beta of 0.83. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The company has a fifty day simple moving average of $144.04 and a 200 day simple moving average of $148.68. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted 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. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. Chevron's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm posted $2.93 EPS. As a group, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid 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 4.47%. Chevron's dividend payout ratio is currently 78.17%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CVX shares. Redburn Atlantic reissued a "sell" rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Mizuho cut 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. Piper Sandler restated an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, UBS Group lowered their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $162.13.

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.