Cypress Capital Group Lowers Stake in Chevron Corporation (NYSE:CVX)

Key Points

• Cypress Capital Group reduced its holdings in Chevron Corporation by 7.8%, owning 42,283 shares valued at approximately $7.07 million after selling 3,593 shares.
• Chevron reported $1.77 earnings per share for the latest quarter, exceeding analysts' expectations of $1.58, although revenue declined by 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71 per share, representing an annual yield of 4.4% and a payout ratio of 88.03%.

Cypress Capital Group trimmed its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,283 shares of the oil and gas company's stock after selling 3,593 shares during the quarter. Cypress Capital Group's holdings in Chevron were worth $7,074,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. CoreCap Advisors LLC lifted its position in shares of 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 buying an additional 71 shares during the last quarter. Clayton Financial Group LLC increased its position in Chevron by 4.6% during the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after buying an additional 75 shares during the period. Gill Capital Partners LLC lifted its stake in Chevron by 4.9% in the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock valued at $271,000 after buying an additional 75 shares during the last quarter. Cordatus Wealth Management LLC boosted its holdings in shares of Chevron by 0.4% in the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock valued at $3,299,000 after acquiring an additional 76 shares during the period. Finally, Requisite Capital Management LLC grew its position in shares of Chevron by 1.2% during the first quarter. Requisite Capital Management LLC now owns 6,362 shares of the oil and gas company's stock worth $1,064,000 after acquiring an additional 77 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Redburn Atlantic reiterated a "sell" rating and issued a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Morgan Stanley assumed coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective on the stock. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Evercore ISI reissued an "outperform" rating and set a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Finally, HSBC downgraded Chevron from a "buy" rating to a "hold" rating and reduced their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $164.11.

Chevron Price Performance

CVX stock traded up $0.93 on Tuesday, reaching $154.38. 6,641,283 shares of the company's stock were exchanged, compared to its average volume of 12,062,080. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average of $149.07 and a 200-day moving average of $148.55. The firm has a market cap of $266.77 billion, a PE ratio of 19.87, a P/E/G ratio of 2.30 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the company earned $2.55 EPS. The company's quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

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.