Leo Wealth LLC Lowers Stock Position in Chevron Corporation (NYSE:CVX)

Leo Wealth LLC cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 33.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,601 shares of the oil and gas company's stock after selling 4,751 shares during the quarter. Leo Wealth LLC's holdings in Chevron were worth $1,606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. IMG Wealth Management Inc. bought a new stake in Chevron during the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron during the 4th quarter worth approximately $29,000. 10Elms LLP bought a new stake in Chevron during the 4th quarter worth approximately $29,000. IFS Advisors LLC boosted its stake 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 purchasing an additional 116 shares during the last quarter. Finally, Navigoe LLC bought a new stake in shares of Chevron in the 4th quarter valued at $33,000. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CVX. UBS Group reduced their price objective on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. TD Cowen dropped their target price on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Piper Sandler reiterated an "overweight" rating on shares of Chevron in a research report on Tuesday. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $165.00 target price (up previously from $164.00) on shares of Chevron in a research report on Thursday, June 26th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has an average rating of "Hold" and an average target price of $161.65.

Chevron Stock Performance

CVX traded up $0.15 during trading on Thursday, hitting $150.07. 3,492,901 shares of the company traded hands, compared to its average volume of 8,361,418. The firm has a market cap of $262.07 billion, a P/E ratio of 17.16, a price-to-earnings-growth ratio of 2.56 and a beta of 0.83. The stock's fifty day moving average is $143.53 and its 200 day moving average is $148.55. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a one year low of $132.04 and a one 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, topping analysts' consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the business earned $2.93 earnings per share. As a group, equities analysts predict 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 was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is 78.17%.

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.