Howland Capital Management LLC Sells 8,334 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Howland Capital Management LLC reduced its holdings in Chevron by 5.8%, selling 8,334 shares during the first quarter while still owning 134,618 shares valued at approximately $22.52 million.
• Chevron reported a net income of $2.18 EPS for the quarter, exceeding estimates, but with a 2.3% year-over-year revenue decline totaling $47.61 billion.
• Analysts maintain a consensus rating of "Hold" for Chevron, with three sell ratings, six holds, and ten buys, as well as a price target averaging $163.18.

Howland Capital Management LLC cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,618 shares of the oil and gas company's stock after selling 8,334 shares during the quarter. Howland Capital Management LLC's holdings in Chevron were worth $22,520,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. US Bancorp DE lifted its holdings in shares of Chevron by 0.6% in the first quarter. US Bancorp DE now owns 2,222,280 shares of the oil and gas company's stock valued at $371,766,000 after purchasing an additional 12,648 shares in the last quarter. Shufro Rose & Co. LLC raised its holdings in shares of Chevron by 2.7% during the first quarter. Shufro Rose & Co. LLC now owns 35,023 shares of the oil and gas company's stock worth $5,859,000 after acquiring an additional 928 shares in the last quarter. Harbour Investments Inc. raised its holdings in Chevron by 3.5% during the first quarter. Harbour Investments Inc. now owns 26,447 shares of the oil and gas company's stock valued at $4,424,000 after buying an additional 891 shares in the last quarter. HHM Wealth Advisors LLC raised its holdings in Chevron by 6.8% during the first quarter. HHM Wealth Advisors LLC now owns 3,520 shares of the oil and gas company's stock valued at $589,000 after buying an additional 225 shares in the last quarter. Finally, King Wealth Management Group raised its holdings in Chevron by 10.9% during the first quarter. King Wealth Management Group now owns 15,055 shares of the oil and gas company's stock valued at $2,519,000 after buying an additional 1,481 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.2%

Shares of Chevron stock traded down $0.31 on Friday, hitting $151.33. 10,704,924 shares of the company's stock traded hands, compared to its average volume of 12,271,876. 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 Corporation has a one year low of $132.04 and a one year high of $168.96. The firm's 50-day moving average price is $146.86 and its two-hundred day moving average price is $148.87. The stock has a market capitalization of $264.28 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 2.39 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The firm's quarterly revenue was down 12.4% on a year-over-year basis. On average, research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 price objective (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Mizuho decreased their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, DZ Bank cut 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. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $163.18.

About Chevron

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.