Chevron Corporation (NYSE:CVX) Shares Sold by Coho Partners Ltd.

Coho Partners Ltd. lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 25.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,032 shares of the oil and gas company's stock after selling 100,425 shares during the quarter. Chevron makes up about 2.9% of Coho Partners Ltd.'s investment portfolio, making the stock its 22nd largest holding. Coho Partners Ltd.'s holdings in Chevron were worth $48,352,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Sage Capital Advisors llc increased its stake in Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the last quarter. CCG Wealth Management LLC increased its stake in Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the last quarter. Pines Wealth Management LLC increased its stake in Chevron by 3.3% during the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock valued at $1,306,000 after purchasing an additional 253 shares during the last quarter. Viking Fund Management LLC increased its stake in Chevron by 9.3% during the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock valued at $19,573,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Allianz SE bought a new stake in Chevron during the fourth quarter valued at $9,369,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

CVX stock opened at $149.36 on Friday. The company has a market capitalization of $260.84 billion, a P/E ratio of 17.07, a PEG ratio of 2.63 and a beta of 0.83. The company has a 50-day simple moving average of $139.37 and a 200 day simple moving average of $148.65. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. 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 company posted $2.93 earnings per share. The company's quarterly revenue was down 2.3% compared to the same quarter last year. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is 78.17%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CVX. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. BNP Paribas lowered shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Barclays lowered shares of Chevron from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Finally, Piper Sandler lowered their price target on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Three investment 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's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $160.24.

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.

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