KG&L Capital Management LLC Decreases Stake in Chevron Corporation (NYSE:CVX)

KG&L Capital Management LLC lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 16.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,155 shares of the oil and gas company's stock after selling 2,421 shares during the quarter. KG&L Capital Management LLC's holdings in Chevron were worth $2,030,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CVX. IMG Wealth Management Inc. acquired a new position in shares of Chevron during the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $29,000. 10Elms LLP purchased a new position in Chevron during the fourth quarter worth approximately $29,000. Fairway Wealth LLC boosted its stake in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after buying an additional 88 shares during the last quarter. Finally, IFS Advisors LLC grew its holdings in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares in 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 topic of several analyst reports. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and reduced their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Piper Sandler decreased their target price on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Scotiabank downgraded shares of Chevron from a "sector outperform" rating to a "sector perform" rating and cut their price target for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $165.00 price objective (up from $164.00) on shares of Chevron in a report on Thursday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $160.29.

Chevron Trading Down 0.4%

NYSE:CVX traded down $0.57 on Friday, reaching $143.87. 9,207,479 shares of the company's stock were exchanged, compared to its average volume of 8,256,099. The firm has a market capitalization of $251.26 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 2.51 and a beta of 0.83. Chevron Corporation has a 52-week low of $132.04 and a 52-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. The business has a fifty day moving average of $140.08 and a 200-day moving average of $148.37.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results 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. The firm 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 revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.93 EPS. As a group, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's dividend payout ratio is currently 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.