First City Capital Management Inc. Sells 4,989 Shares of Chevron Co. (NYSE:CVX)

First City Capital Management Inc. decreased its stake in Chevron Co. (NYSE:CVX - Free Report) by 26.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,045 shares of the oil and gas company's stock after selling 4,989 shares during the period. Chevron accounts for about 1.4% of First City Capital Management Inc.'s holdings, making the stock its 16th biggest position. First City Capital Management Inc.'s holdings in Chevron were worth $2,350,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Capital & Planning LLC raised its holdings in Chevron by 15.2% during the 4th quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company's stock valued at $243,000 after acquiring an additional 222 shares during the period. Eagle Capital Management LLC raised its stake in shares of 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 purchasing an additional 242 shares during the period. Union Bancaire Privee UBP SA bought a new stake in shares of Chevron during the 4th quarter valued at $8,947,000. Etesian Wealth Advisors Inc. raised its stake in shares of Chevron by 8.9% during the 4th quarter. Etesian Wealth Advisors Inc. now owns 10,048 shares of the oil and gas company's stock valued at $1,455,000 after purchasing an additional 817 shares during the period. Finally, Buck Wealth Strategies LLC bought a new stake in shares of Chevron during the 4th quarter valued at $302,000. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 2.4%

Shares of NYSE:CVX opened at $140.21 on Friday. The stock's 50-day moving average price is $138.98 and its 200-day moving average price is $149.81. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a market capitalization of $244.86 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same period last year, the company earned $2.93 EPS. Chevron's revenue for the quarter was down 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date is Monday, May 19th. Chevron's payout ratio is 78.17%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVX. Wells Fargo & Company decreased their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Piper Sandler decreased their price target on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Mizuho decreased their price target 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. Barclays lowered Chevron from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Finally, Redburn Atlantic restated a "sell" rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Chevron presently 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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