Covenant Asset Management LLC Cuts Stake in Chevron Corporation (NYSE:CVX)

Covenant Asset Management LLC trimmed its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 21.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,013 shares of the oil and gas company's stock after selling 2,235 shares during the period. Covenant Asset Management LLC's holdings in Chevron were worth $1,340,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the fourth quarter valued at about $29,000. 10Elms LLP bought a new position in shares of Chevron during the fourth quarter valued at about $29,000. IFS Advisors LLC raised its stake in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares during the last quarter. Navigoe LLC bought a new position in shares of Chevron during the fourth quarter valued at about $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Chevron during the first quarter valued at about $39,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVX has been the subject of a number of research reports. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday. Scotiabank reaffirmed a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $165.00 target price (up previously from $164.00) on shares of Chevron in a research note on Thursday, June 26th. Mizuho decreased their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Finally, Redburn Atlantic reiterated 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. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, Chevron currently has an average rating of "Hold" and an average target price of $161.31.

Chevron Price Performance

NYSE CVX traded down $1.59 on Friday, reaching $149.79. The company had a trading volume of 45,762,307 shares, compared to its average volume of 8,549,393. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market capitalization of $261.59 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 2.45 and a beta of 0.83. The firm's 50 day moving average price is $144.04 and its 200 day moving average price is $148.67. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping 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 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 company posted $2.93 EPS. The business's revenue was down 2.3% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared 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. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.57%. 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.