Birmingham Capital Management Co. Inc. AL Sells 4,250 Shares of Chevron Co. (NYSE:CVX)

Birmingham Capital Management Co. Inc. AL lowered its position in shares of Chevron Co. (NYSE:CVX - Free Report) by 7.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,822 shares of the oil and gas company's stock after selling 4,250 shares during the period. Chevron comprises about 2.7% of Birmingham Capital Management Co. Inc. AL's holdings, making the stock its 8th largest position. Birmingham Capital Management Co. Inc. AL's holdings in Chevron were worth $7,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after purchasing an additional 392,916 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock valued at $4,613,960,000 after purchasing an additional 746,806 shares during the last quarter. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at $3,017,750,000. Northern Trust Corp grew its holdings in Chevron by 7.3% in the fourth 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 purchasing an additional 1,394,091 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock valued at $2,881,280,000 after purchasing an additional 410,460 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research reports. BNP Paribas cut shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Raymond James cut their target price on Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. UBS Group reduced their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Piper Sandler reduced their price target on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Finally, TD Cowen cut their price objective on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of "Hold" and an average price target of $160.24.

Chevron Price Performance

Shares of NYSE CVX traded down $1.78 during mid-day trading on Wednesday, hitting $136.05. 6,859,635 shares of the stock were exchanged, compared to its average volume of 8,082,541. The company has a market cap of $237.60 billion, a P/E ratio of 14.00, a PEG ratio of 1.46 and a beta of 0.83. The stock's fifty day simple moving average is $143.58 and its two-hundred day simple moving average is $150.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $49.05 billion. During the same period in the prior year, the firm earned $2.93 earnings per share. Chevron's revenue was down 2.3% compared to the same quarter last year. As a group, analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a dividend of $1.71 per share. The ex-dividend date is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.03%. Chevron's dividend payout ratio is 78.17%.

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.