Garland Capital Management Inc. Sells 4,613 Shares of Chevron Corporation (NYSE:CVX)

Garland Capital Management Inc. trimmed its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 15.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,811 shares of the oil and gas company's stock after selling 4,613 shares during the quarter. Chevron comprises 3.9% of Garland Capital Management Inc.'s portfolio, making the stock its 12th largest position. Garland Capital Management Inc.'s holdings in Chevron were worth $4,151,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. IMG Wealth Management Inc. bought a new position in Chevron in the 4th quarter worth approximately $25,000. Life Planning Partners Inc bought a new position in Chevron in the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new position in Chevron in the 4th quarter worth approximately $29,000. 10Elms LLP bought a new position in Chevron in the 4th quarter worth approximately $29,000. Finally, Fairway Wealth LLC grew its holdings in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after buying an additional 88 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX traded up $1.17 during mid-day trading on Friday, reaching $149.36. The company had a trading volume of 23,672,194 shares, compared to its average volume of 8,231,243. Chevron Corporation has a twelve month low of $132.04 and a twelve month 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. The company's 50-day moving average is $139.37 and its 200-day moving average is $148.65. The company has a market capitalization of $260.84 billion, a P/E ratio of 17.07, a P/E/G ratio of 2.63 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last issued its 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. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. During the same period in the prior year, the firm posted $2.93 EPS. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is currently 78.17%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVX. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Redburn Atlantic reaffirmed a "sell" rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Wells Fargo & Company lowered their target price on shares of Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Finally, Piper Sandler lowered their target price on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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.