Bank of New York Mellon Corp Decreases Stock Holdings in Chevron Corporation (NYSE:CVX)

Bank of New York Mellon Corp decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 1.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,185,911 shares of the oil and gas company's stock after selling 310,776 shares during the quarter. Chevron makes up 0.5% of Bank of New York Mellon Corp's portfolio, making the stock its 28th biggest position. Bank of New York Mellon Corp owned approximately 0.92% of Chevron worth $2,707,741,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Eagle Capital Management LLC increased its holdings in shares of Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after acquiring an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Chevron by 7.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after acquiring an additional 2,641 shares in the last quarter. Cookson Peirce & Co. Inc. increased its holdings in shares of Chevron by 4.6% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 2,309 shares of the oil and gas company's stock valued at $334,000 after acquiring an additional 101 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Chevron by 59.5% during the fourth quarter. Proficio Capital Partners LLC now owns 5,851 shares of the oil and gas company's stock valued at $847,000 after acquiring an additional 2,182 shares in the last quarter. Finally, Inceptionr LLC bought a new position in shares of Chevron during the fourth quarter valued at $760,000. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CVX. Mizuho reduced their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Scotiabank downgraded 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 report on Friday, April 11th. Finally, BNP Paribas downgraded Chevron to a "cautious" rating in a report on Tuesday, April 15th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Chevron has an average rating of "Hold" and a consensus target price of $160.41.

Chevron Price Performance

CVX traded up $0.25 on Friday, hitting $148.23. 5,173,309 shares of the company's stock traded hands, compared to its average volume of 8,281,546. The company's 50 day simple moving average is $141.16 and its 200-day simple moving average is $148.15. The firm has a market cap of $258.86 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 2.51 and a beta of 0.83. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 10.73% and a net margin of 7.76%. The firm's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the company earned $2.93 EPS. As a group, research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.61%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

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.