Choreo LLC Cuts Stock Position in Chevron Corporation (NYSE:CVX)

Choreo LLC cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 3.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 131,457 shares of the oil and gas company's stock after selling 4,250 shares during the quarter. Choreo LLC's holdings in Chevron were worth $21,991,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Chevron in the 4th quarter valued at $3,017,750,000. GAMMA Investing LLC raised its holdings in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after buying an additional 5,382,847 shares during the period. Capital World Investors raised its holdings in shares of Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after buying an additional 1,440,808 shares during the period. Northern Trust Corp raised its holdings in shares of Chevron by 7.3% in the 4th 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 buying an additional 1,394,091 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Chevron by 6.9% in the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after buying an additional 964,426 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CVX. Piper Sandler reiterated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Redburn Atlantic restated a "sell" rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Mizuho cut their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. UBS Group cut their price target on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $165.00 price objective (up previously from $164.00) on shares of Chevron in a report on Thursday, June 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $161.31.

Chevron Stock Performance

Chevron stock traded up $0.11 during mid-day trading on Tuesday, reaching $149.79. 4,021,066 shares of the company were exchanged, compared to its average volume of 8,570,526. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm's 50-day simple moving average is $144.04 and its two-hundred day simple moving average is $148.68. 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 firm has a market cap of $261.60 billion, a PE ratio of 17.13, a price-to-earnings-growth ratio of 2.48 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 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. During the same period last year, the firm earned $2.93 EPS. The company's quarterly revenue was down 2.3% compared to the same quarter last year. Equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is currently 78.17%.

Chevron 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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