Dearborn Partners LLC Lowers Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Dearborn Partners LLC reduced its Chevron Corporation shares by 2.7%, selling 1,774 shares to hold a total of 64,931 shares valued at approximately $10.86 million.
• Several institutional investors have increased their stakes in Chevron, with Capital World Investors leading by raising their holdings by 11.4% during the last quarter.
• Wall Street analysts have mixed ratings for Chevron, with a consensus "Hold" rating and target price of $162.13, while Wells Fargo raised its price target to $178.00.

Dearborn Partners LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,931 shares of the oil and gas company's stock after selling 1,774 shares during the quarter. Dearborn Partners LLC's holdings in Chevron were worth $10,862,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CVX. Eagle Capital Management LLC grew its holdings in Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after buying an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after purchasing an additional 2,641 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its position in Chevron by 3.6% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 7,620 shares of the oil and gas company's stock valued at $1,104,000 after purchasing an additional 268 shares during the last quarter. Summit Financial LLC raised its holdings in shares of Chevron by 91.5% during the fourth quarter. Summit Financial LLC now owns 29,159 shares of the oil and gas company's stock valued at $4,223,000 after acquiring an additional 13,934 shares in the last quarter. Finally, StoneX Group Inc. raised its holdings in shares of Chevron by 22.0% during the fourth quarter. StoneX Group Inc. now owns 48,753 shares of the oil and gas company's stock valued at $7,061,000 after acquiring an additional 8,791 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Down 0.2%

NYSE CVX traded down $0.31 on Friday, reaching $151.33. 10,704,924 shares of the stock traded hands, compared to its average volume of 9,498,295. The company has a market cap of $264.28 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 2.42 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. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a fifty day moving average price of $146.57 and a 200-day moving average price of $148.90.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the company posted $2.55 EPS. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CVX. TD Cowen decreased their price target on shares of Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Barclays reissued an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Mizuho decreased their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Finally, Piper Sandler restated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $163.18.

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.