Axxcess Wealth Management LLC Sells 2,718 Shares of Chevron Corporation (NYSE:CVX)

Axxcess Wealth Management LLC cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,461 shares of the oil and gas company's stock after selling 2,718 shares during the quarter. Axxcess Wealth Management LLC's holdings in Chevron were worth $10,449,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after acquiring an additional 392,916 shares in the last quarter. Norges Bank bought a new stake in shares of Chevron during the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp boosted its position in shares of Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Chevron by 0.5% in the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock valued at $2,502,850,000 after purchasing an additional 79,917 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in shares of Chevron by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after purchasing an additional 211,023 shares during the period. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CVX. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and reduced their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Redburn Atlantic restated a "sell" rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Mizuho reduced their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $160.65.

Chevron Stock Performance

Shares of NYSE:CVX remained flat at $153.24 during midday trading on Wednesday. 9,494,909 shares of the company were exchanged, compared to its average volume of 8,327,300. The stock has a 50-day simple moving average of $141.58 and a 200 day simple moving average of $148.22. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a market capitalization of $267.62 billion, a PE ratio of 17.51, a P/E/G ratio of 2.50 and a beta of 0.83. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm's quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.93 EPS. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.46%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

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.