CMG Global Holdings LLC Trims Stake in Chevron Corporation (NYSE:CVX)

CMG Global Holdings LLC lessened its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 57.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,265 shares of the oil and gas company's stock after selling 3,005 shares during the period. CMG Global Holdings LLC's holdings in Chevron were worth $379,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Berkeley Capital Partners LLC increased its stake in Chevron by 0.4% in the fourth quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company's stock worth $2,572,000 after purchasing an additional 67 shares during the period. CBIZ Investment Advisory Services LLC increased its position in shares of Chevron by 6.1% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 1,184 shares of the oil and gas company's stock worth $171,000 after acquiring an additional 68 shares during the period. CoreCap Advisors LLC grew its stake in Chevron by 0.3% in the fourth quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock worth $4,091,000 after purchasing an additional 71 shares in the last quarter. Fairscale Capital LLC raised its position in Chevron by 11.5% during the 4th quarter. Fairscale Capital LLC now owns 706 shares of the oil and gas company's stock valued at $102,000 after purchasing an additional 73 shares in the last quarter. Finally, Austin Wealth Management LLC grew its position in shares of Chevron by 3.2% during the 4th quarter. Austin Wealth Management LLC now owns 2,364 shares of the oil and gas company's stock worth $342,000 after buying an additional 74 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a research report on Tuesday, May 6th. Piper Sandler lowered their price target 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. Barclays downgraded 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. Redburn Atlantic reiterated a "sell" rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Finally, Scotiabank cut Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $160.29.

Chevron Stock Down 0.4%

Shares of CVX stock opened at $143.87 on Monday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $251.26 billion, a PE ratio of 16.44, a P/E/G ratio of 2.52 and a beta of 0.83. 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 stock's 50-day simple moving average is $140.20 and its 200-day simple moving average is $148.17.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly 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. 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 quarter in the prior year, the company earned $2.93 EPS. Chevron's quarterly revenue was down 2.3% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.75%. Chevron's dividend payout ratio (DPR) is presently 78.17%.

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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