Convergence Financial LLC Sells 5,763 Shares of Chevron Corporation (NYSE:CVX)

Convergence Financial LLC cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 55.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,612 shares of the oil and gas company's stock after selling 5,763 shares during the period. Convergence Financial LLC's holdings in Chevron were worth $772,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Barclays lowered Chevron from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Scotiabank downgraded shares of Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. 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. Mizuho cut their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and reduced their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $160.29.

Chevron Price Performance

Shares of NYSE:CVX opened at $143.87 on Friday. The firm has a 50 day simple moving average of $140.20 and a 200 day simple moving average of $148.22. The company has a market cap of $251.26 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 2.52 and a beta of 0.83. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron's revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.93 EPS. Research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.75%. Chevron's dividend payout ratio 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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