Bank of New York Mellon Corp Lowers Position in Chevron Corporation (NYSE:CVX)

Bank of New York Mellon Corp lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & 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 period. 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 about 0.92% of Chevron worth $2,707,741,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Eagle Capital Management LLC lifted its holdings in Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock worth $5,011,000 after buying an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Chevron by 7.9% during the 4th 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. lifted its holdings in Chevron by 4.6% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 2,309 shares of the oil and gas company's stock worth $334,000 after acquiring an additional 101 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Chevron by 59.5% during the 4th quarter. Proficio Capital Partners LLC now owns 5,851 shares of the oil and gas company's stock valued at $847,000 after purchasing an additional 2,182 shares during the period. Finally, Inceptionr LLC acquired a new stake in shares of Chevron in the 4th quarter worth about $760,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

CVX has been the subject of several recent analyst reports. Barclays cut shares of Chevron from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company 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 research note on Friday, April 11th. Hsbc Global Res cut Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Piper Sandler upped their price objective on shares of Chevron from $162.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, HSBC cut shares of 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 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 issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $160.41.

Chevron Stock Up 0.2%

CVX stock traded up $0.25 on Friday, hitting $148.23. 5,173,309 shares of the company's stock were exchanged, compared to its average volume of 8,281,546. 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 cap of $258.86 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 2.51 and a beta of 0.83. The firm has a 50 day moving average price of $141.16 and a two-hundred day moving average price of $148.07. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

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

Chevron Announces Dividend

The company 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 of this dividend was Monday, May 19th. Chevron's payout ratio is 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.