Eaton Financial Holdings Company LLC Decreases Position in Chevron Corporation (NYSE:CVX)

Key Points

• Eaton Financial Holdings Company LLC reduced its position in Chevron Corporation by 19.3%, holding 9,611 shares valued at approximately $1.6 million after selling 2,300 shares in the first quarter.
• Institutional investors own 72.42% of Chevron's stock, with several large firms such as Charles Schwab and Northern Trust increasing their stakes in the company recently.
• Chevron plans to pay a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84, representing a yield of 4.4%.

Eaton Financial Holdings Company LLC lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 19.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,611 shares of the oil and gas company's stock after selling 2,300 shares during the period. Eaton Financial Holdings Company LLC's holdings in Chevron were worth $1,608,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after purchasing an additional 1,574,464 shares in the last quarter. Northern Trust Corp raised its stake in Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Chevron by 1.3% during the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after acquiring an additional 211,023 shares in the last quarter. Invesco Ltd. raised its stake in Chevron by 5.5% during the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after acquiring an additional 827,851 shares in the last quarter. Finally, Capital World Investors increased its stake in Chevron by 11.4% in the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after purchasing an additional 1,440,808 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

CVX has been the topic of a number of recent analyst reports. UBS Group reiterated a "buy" rating and set a $186.00 price target (up from $177.00) on shares of Chevron in a research note on Monday, August 4th. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Mizuho decreased their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Scotiabank reissued a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. 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 company. According to MarketBeat, Chevron currently has an average rating of "Hold" and an average target price of $164.11.

Chevron Stock Performance

Shares of CVX stock opened at $156.52 on Friday. 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 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a 50 day moving average price of $150.13 and a 200 day moving average price of $148.59. The firm has a market capitalization of $270.46 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 2.33 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last issued 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 net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the prior year, the business posted $2.55 earnings per share. Chevron's revenue for the quarter was down 12.4% compared to the same quarter last year. Sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be given a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio is presently 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.

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