Aveo Capital Partners LLC Reduces Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Aveo Capital Partners LLC has reduced its stock position in Chevron Corporation by 41.4%, selling 5,404 shares and now holding 7,639 shares valued at approximately $1.28 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, yielding around 4.4%, with an 88.03% payout ratio.
• Chevron reported $1.77 earnings per share for the most recent quarter, exceeding analysts' expectations of $1.58, while revenue was down 12.4% year-over-year at $44.82 billion.

Aveo Capital Partners LLC cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 41.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,639 shares of the oil and gas company's stock after selling 5,404 shares during the quarter. Aveo Capital Partners LLC's holdings in Chevron were worth $1,278,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Biltmore Family Office LLC raised its position in shares of Chevron by 238.2% in the 1st quarter. Biltmore Family Office LLC now owns 7,011 shares of the oil and gas company's stock worth $1,173,000 after acquiring an additional 4,938 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Chevron in the 1st quarter worth about $4,310,000. Covington Investment Advisors Inc. raised its position in shares of Chevron by 1.3% in the 1st quarter. Covington Investment Advisors Inc. now owns 59,130 shares of the oil and gas company's stock worth $9,892,000 after acquiring an additional 778 shares in the last quarter. Invesco Ltd. raised its position in shares of Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after acquiring an additional 827,851 shares in the last quarter. Finally, Athena Investment Management raised its position in shares of Chevron by 1.7% in the 1st quarter. Athena Investment Management now owns 10,262 shares of the oil and gas company's stock worth $1,717,000 after acquiring an additional 169 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CVX has been the subject of several research analyst reports. UBS Group reissued a "buy" rating and issued a $186.00 price objective (up from $177.00) on shares of Chevron in a research report on Monday, August 4th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Finally, Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Three 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $164.11.

Chevron Stock Performance

Shares of NYSE CVX traded up $0.93 during midday trading on Tuesday, reaching $154.38. The company's stock had a trading volume of 6,641,283 shares, compared to its average volume of 12,062,080. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a 50 day moving average price of $149.07 and a 200-day moving average price of $148.55. The stock has a market capitalization of $266.77 billion, a P/E ratio of 19.87, a PEG ratio of 2.30 and a beta of 0.87. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the business earned $2.55 EPS. The company's revenue was down 12.4% compared to the same quarter last year. As a group, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

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.