Chevron Corporation (NYSE:CVX) Stake Reduced by Everett Harris & Co. CA

Key Points

• Everett Harris & Co. CA has reduced its holdings in Chemron Corporation by 4.4%, now owning 572,235 shares valued at approximately $95.73 million.
• Chevron has recently announced a quarterly dividend of $1.71 per share, with an annual yield of 4.5%, reflecting a payout ratio of 88.03%.
• The company reported Q2 earnings of $1.77 per share, exceeding analysts' estimates, while revenues fell year-over-year by 12.4% to $44.82 billion.

Everett Harris & Co. CA lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 572,235 shares of the oil and gas company's stock after selling 26,410 shares during the quarter. Chevron makes up approximately 1.2% of Everett Harris & Co. CA's holdings, making the stock its 19th biggest holding. Everett Harris & Co. CA's holdings in Chevron were worth $95,729,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Eagle Capital Management LLC increased its stake in Chevron by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after purchasing an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after buying an additional 2,641 shares during the last quarter. FIL Ltd grew its holdings in Chevron by 538.6% in the 4th quarter. FIL Ltd now owns 378,736 shares of the oil and gas company's stock valued at $54,856,000 after buying an additional 319,425 shares during the period. F M Investments LLC increased its stake in shares of Chevron by 21.1% during the 4th quarter. F M Investments LLC now owns 76,748 shares of the oil and gas company's stock valued at $11,116,000 after acquiring an additional 13,379 shares during the last quarter. Finally, Redwood Park Advisors LLC purchased a new position in shares of Chevron during the 4th quarter worth about $59,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Up 1.2%

NYSE CVX traded up $1.82 during trading hours on Friday, reaching $154.98. 6,331,417 shares of the company traded hands, compared to its average volume of 12,388,930. The stock has a market capitalization of $270.66 billion, a PE ratio of 19.95, a PEG ratio of 2.30 and a beta of 0.87. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a 50 day moving average of $148.45 and a two-hundred day moving average of $148.63.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the company earned $2.55 earnings per share. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued 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 payout ratio is 88.03%.

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. UBS Group restated a "buy" rating and issued a $186.00 target price (up from $177.00) on shares of Chevron in a report on Monday. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, BNP Paribas downgraded Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $164.11.

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.