Corundum Group Inc. Decreases Stock Position in Chevron Corporation (NYSE:CVX)

Corundum Group Inc. cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 50.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,354 shares of the oil and gas company's stock after selling 4,500 shares during the quarter. Corundum Group Inc.'s holdings in Chevron were worth $728,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. IMG Wealth Management Inc. purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc purchased a new position in Chevron during the fourth quarter worth approximately $25,000. Mizuho Securities Co. Ltd. acquired a new position in Chevron during the fourth quarter worth $29,000. 10Elms LLP purchased a new stake in Chevron in the 4th quarter valued at $29,000. Finally, Fairway Wealth LLC raised its holdings in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 88 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.4%

Chevron stock traded down $0.57 during midday trading on Friday, reaching $143.87. 9,207,479 shares of the stock traded hands, compared to its average volume of 8,266,856. The company has a 50-day simple moving average of $140.08 and a two-hundred day simple moving average of $148.37. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market cap of $251.26 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 2.54 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.93 earnings per share. Research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal 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 paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.75%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is currently 78.17%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CVX. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a report on Tuesday, May 6th. Wells Fargo & Company reiterated an "overweight" rating and issued a $165.00 target price (up from $164.00) on shares of Chevron in a report on Thursday. 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. UBS Group reduced their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Finally, Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Three equities 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's stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average target price of $160.29.

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.