Avity Investment Management Inc. Sells 13,482 Shares of Chevron Co. (NYSE:CVX)

Avity Investment Management Inc. cut its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 7.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 176,181 shares of the oil and gas company's stock after selling 13,482 shares during the period. Chevron comprises approximately 2.4% of Avity Investment Management Inc.'s holdings, making the stock its 23rd largest position. Avity Investment Management Inc.'s holdings in Chevron were worth $29,473,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CVX. Norges Bank purchased a new stake in shares of Chevron in the 4th quarter worth $3,017,750,000. Raymond James Financial Inc. purchased a new stake in shares of Chevron in the 4th quarter worth $1,036,302,000. GAMMA Investing LLC increased its stake in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Chevron by 17.3% in the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Finally, Amundi increased its stake in shares of Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock worth $1,323,549,000 after purchasing an additional 1,910,262 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Chevron stock traded up $3.31 during mid-day trading on Friday, hitting $140.21. The stock had a trading volume of 6,555,988 shares, compared to its average volume of 8,122,067. The firm's 50 day moving average is $139.54 and its 200 day moving average is $149.95. Chevron Co. has a one year low of $132.04 and a one year high of $168.96. The firm has a market capitalization of $244.86 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the prior year, the firm earned $2.93 EPS. The business's revenue was down 2.3% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CVX shares. Piper Sandler reduced their price objective on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research note on Tuesday, May 6th. UBS Group reduced their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Redburn Atlantic restated a "sell" rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, Scotiabank lowered Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $160.24.

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.