Envestnet Portfolio Solutions Inc. Lowers Holdings in Chevron Corporation (NYSE:CVX)

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 219,663 shares of the oil and gas company's stock after selling 40,555 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Chevron were worth $36,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. IMG Wealth Management Inc. bought a new position in Chevron during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc bought a new stake in Chevron in the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Chevron during the 4th quarter worth approximately $29,000. 10Elms LLP bought a new position in shares of Chevron during the 4th quarter valued at approximately $29,000. Finally, Fairway Wealth LLC grew its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after purchasing an additional 88 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Stock Down 0.4%

Shares of NYSE:CVX opened at $148.18 on Thursday. The firm has a market capitalization of $258.78 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 2.61 and a beta of 0.83. The business has a 50 day simple moving average of $138.82 and a two-hundred day simple moving average of $148.90. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

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 firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company earned $2.93 EPS. On average, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.62%. Chevron's dividend payout ratio (DPR) is 78.17%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVX. DZ Bank downgraded shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. Scotiabank cut shares of Chevron from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the company from $160.00 to $143.00 in a research report on Friday, April 11th. TD Cowen decreased their target price on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Wells Fargo & Company dropped their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, BNP Paribas downgraded Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $160.24.

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.

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