Atria Wealth Solutions Inc. Sells 29,414 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Atria Wealth Solutions Inc. reduced its holdings in Chevron Corporation by 17.3%, selling 29,414 shares, leaving them with 140,222 shares valued at approximately $23.46 million.
• Chevron reported earnings of $1.77 per share for the latest quarter, exceeding expectations, and had a revenue of $44.82 billion, although it reflected a 12.4% decline from the previous year.
• The company recently declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.5% and a payout ratio of 88.03%.

Atria Wealth Solutions Inc. lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 17.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 140,222 shares of the oil and gas company's stock after selling 29,414 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Chevron were worth $23,458,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CVX. CoreCap Advisors LLC raised its position in shares of Chevron by 0.3% in the 4th quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock worth $4,091,000 after purchasing an additional 71 shares during the last quarter. Clayton Financial Group LLC increased its stake in Chevron by 4.6% during the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 75 shares in the last quarter. Gill Capital Partners LLC increased its stake in Chevron by 4.9% during the 1st quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock valued at $271,000 after purchasing an additional 75 shares in the last quarter. Cordatus Wealth Management LLC raised its holdings in Chevron by 0.4% in the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock worth $3,299,000 after buying an additional 76 shares during the last quarter. Finally, Requisite Capital Management LLC lifted its stake in shares of Chevron by 1.2% in the first quarter. Requisite Capital Management LLC now owns 6,362 shares of the oil and gas company's stock worth $1,064,000 after buying an additional 77 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of NYSE CVX opened at $150.81 on Tuesday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market capitalization of $263.37 billion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average of $147.14 and a 200 day moving average of $148.65.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.80%. The company's revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.55 EPS. On average, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research report on Friday. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. UBS Group lifted their target price on Chevron from $177.00 to $186.00 and gave the stock a "buy" rating in a report on Monday. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and lowered their price target for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday. Three equities 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 presently has an average rating of "Hold" and an average target price of $164.11.

Chevron Company 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.

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