First Merchants Corp Sells 3,249 Shares of Chevron Corporation (NYSE:CVX)

First Merchants Corp cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 6.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,773 shares of the oil and gas company's stock after selling 3,249 shares during the quarter. First Merchants Corp's holdings in Chevron were worth $7,657,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. Sage Capital Advisors llc increased its stake in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC boosted its holdings in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after buying an additional 145 shares during the last quarter. Pines Wealth Management LLC increased its stake in shares of Chevron by 3.3% during the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock worth $1,306,000 after purchasing an additional 253 shares during the last quarter. Viking Fund Management LLC grew its stake in shares of Chevron by 9.3% during the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock worth $19,573,000 after acquiring an additional 10,000 shares during the period. Finally, Allianz SE purchased a new position in shares of Chevron in the fourth quarter worth about $9,369,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Up 0.8%

Shares of CVX stock opened at $144.40 on Friday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a 50-day moving average of $140.08 and a two-hundred day moving average of $148.37. The firm has a market cap of $252.18 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 2.51 and a beta of 0.83. 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 posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm's revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.93 EPS. On average, analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.74%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio is presently 78.17%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CVX shares. Scotiabank lowered shares of Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the company from $160.00 to $143.00 in a research report on Friday, April 11th. UBS Group reduced their price target on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research report on Tuesday, May 6th. BNP Paribas cut shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Finally, TD Cowen lowered their price objective on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Three research 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. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $160.29.

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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