Harmony Asset Management LLC Decreases Stock Holdings in Chevron Corporation (NYSE:CVX)

Harmony Asset Management LLC lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 19.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,798 shares of the oil and gas company's stock after selling 3,460 shares during the period. Chevron makes up approximately 1.0% of Harmony Asset Management LLC's portfolio, making the stock its 24th largest position. Harmony Asset Management LLC's holdings in Chevron were worth $2,476,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Chevron in the 4th quarter valued at $3,017,750,000. GAMMA Investing LLC raised its holdings in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Capital World Investors raised its holdings in shares of Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after purchasing an additional 1,440,808 shares in the last quarter. Northern Trust Corp raised its stake in Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Chevron by 6.9% during the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock worth $2,176,579,000 after acquiring an additional 964,426 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CVX shares. Redburn Atlantic reiterated a "sell" rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Scotiabank lifted their price target on shares of Chevron from $143.00 to $160.00 and gave the stock a "sector perform" rating in a research note on Friday. Piper Sandler lifted their price target on shares of Chevron from $162.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and cut their price target for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $165.00 price target (up from $164.00) on shares of Chevron in a research note on Thursday, June 26th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $161.65.

Chevron Stock Performance

Shares of NYSE:CVX traded up $1.21 during midday trading on Friday, hitting $155.38. The stock had a trading volume of 8,332,244 shares, compared to its average volume of 8,352,057. The company has a market capitalization of $271.35 billion, a PE ratio of 17.76, a P/E/G ratio of 2.61 and a beta of 0.83. The stock has a 50 day moving average price of $142.62 and a two-hundred day moving average price of $148.41. 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 1 year low of $132.04 and a 1 year high of $168.96.

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 for the quarter, beating the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.93 earnings per share. As a group, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal 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 issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.40%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is 78.17%.

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.