Freedom Investment Management Inc. Sells 1,968 Shares of Chevron Corporation $CVX

Key Points

• Freedom Investment Management Inc. has reduced its stake in Chevron Corporation by 21.3% after selling 1,968 shares, bringing its total holdings to 7,288 shares valued at approximately $1.22 million.
• Chevron recently announced a quarterly dividend payout of $1.71 per share, representing an annualized dividend yield of 4.3%.
• The company reported earnings of $1.77 per share for the latest quarter, exceeding analysts' expectations, but showed a 12.4% year-over-year decline in revenue.

Freedom Investment Management Inc. decreased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 21.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 7,288 shares of the oil and gas company's stock after selling 1,968 shares during the period. Freedom Investment Management Inc.'s holdings in Chevron were worth $1,219,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd grew its holdings in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares during the period. 10Elms LLP acquired a new position in shares of Chevron in the 4th quarter valued at $29,000. Elequin Capital LP acquired a new position in shares of Chevron in the 1st quarter valued at $31,000. Navigoe LLC acquired a new position in shares of Chevron in the 4th quarter valued at $33,000. Finally, IFS Advisors LLC grew its holdings in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 1.5%

CVX stock opened at $157.8970 on Monday. The company has a market cap of $272.84 billion, a price-to-earnings ratio of 20.32, a P/E/G ratio of 2.35 and a beta of 0.87. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The business has a 50 day moving average price of $151.21 and a two-hundred day moving average price of $148.61. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results 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. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue was down 12.4% on a year-over-year basis. During the same period last year, the business earned $2.55 earnings per share. Analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVX. TD Cowen boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Finally, HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and reduced their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $163.95.

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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