Chevron Corporation (NYSE:CVX) Stock Holdings Lowered by First Foundation Advisors

Key Points

• First Foundation Advisors has reduced its holdings in Chevron by 19.5% in the first quarter, now owning 28,385 shares valued at approximately $4.75 million.
• Chevron reported earnings of $2.18 per share for the most recent quarter, exceeding analysts' expectations, but its quarterly revenue fell by 2.3% year-over-year.
• The company announced a quarterly dividend of $1.71 per share, contributing to an annualized yield of 4.38%, with a payout ratio of 78.17%.

First Foundation Advisors reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,385 shares of the oil and gas company's stock after selling 6,855 shares during the period. First Foundation Advisors' holdings in Chevron were worth $4,749,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Eagle Capital Management LLC grew its position in 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 purchasing an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its stake in shares of Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after buying an additional 2,641 shares during the last quarter. Schroder Investment Management Group raised its stake in Chevron by 9.4% during the 4th quarter. Schroder Investment Management Group now owns 1,090,546 shares of the oil and gas company's stock valued at $156,024,000 after purchasing an additional 93,499 shares during the last quarter. Prevail Innovative Wealth Advisors LLC raised its stake in Chevron by 60.1% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 2,242 shares of the oil and gas company's stock valued at $325,000 after purchasing an additional 842 shares during the last quarter. Finally, Partners in Financial Planning acquired a new position in shares of Chevron in the 4th quarter valued at $308,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 0.9%

Shares of Chevron stock opened at $156.18 on Tuesday. The firm's 50-day moving average price is $145.48 and its two-hundred day moving average price is $148.84. Chevron Corporation has a 12-month low of $132.04 and a 12-month 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 company has a market capitalization of $272.75 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 2.44 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating 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 company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period last year, the company posted $2.93 EPS. The firm's quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.38%. Chevron's dividend payout ratio is presently 78.17%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several analyst reports. BNP Paribas lowered shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. TD Cowen cut their price objective on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and dropped their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $162.13.

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.

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