Independent Advisor Alliance Sells 3,267 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Independent Advisor Alliance reduced its holdings in Chevron Corporation by 2.6%, selling 3,267 shares and maintaining a total of 121,949 shares, representing 0.7% of its portfolio.
• Chemical company Chevron announced a quarterly dividend of $1.71, yielding 4.4%, with a payout ratio of 88.03%.
• Chevron's recent earnings report showed an EPS of $1.77, exceeding expectations, while its quarterly revenue fell 12.4% year-over-year.

Independent Advisor Alliance decreased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,949 shares of the oil and gas company's stock after selling 3,267 shares during the period. Chevron accounts for about 0.7% of Independent Advisor Alliance's investment portfolio, making the stock its 26th largest holding. Independent Advisor Alliance's holdings in Chevron were worth $20,401,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eagle Capital Management LLC increased its holdings in shares of Chevron by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after buying an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after buying an additional 2,641 shares in the last quarter. Petros Family Wealth LLC bought a new position in shares of Chevron in the fourth quarter valued at $228,000. Crux Wealth Advisors bought a new position in shares of Chevron in the fourth quarter valued at $220,000. Finally, Sagespring Wealth Partners LLC bought a new position in shares of Chevron in the fourth quarter valued at $4,432,000. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

NYSE CVX traded up $0.93 during trading on Tuesday, hitting $154.38. The company's stock had a trading volume of 6,641,283 shares, compared to its average volume of 12,062,080. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average price of $149.07 and a 200 day moving average price of $148.55. The firm has a market cap of $266.77 billion, a P/E ratio of 19.87, a price-to-earnings-growth ratio of 2.30 and a beta of 0.87. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The company's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.55 EPS. Equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be given a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Evercore ISI restated an "outperform" rating and set a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. BNP Paribas lowered shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Finally, Piper Sandler restated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Chevron has a consensus rating of "Hold" and a consensus target price of $164.11.

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.