Meritage Portfolio Management Trims Stake in Chevron Corporation (NYSE:CVX)

Meritage Portfolio Management reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 85.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,869 shares of the oil and gas company's stock after selling 29,558 shares during the period. Meritage Portfolio Management's holdings in Chevron were worth $815,000 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. acquired a new position in shares of Chevron during the fourth quarter worth $25,000. Life Planning Partners Inc acquired a new position in Chevron during the 4th quarter worth about $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron in the fourth quarter valued at approximately $29,000. 10Elms LLP acquired a new stake in shares of Chevron during the fourth quarter worth $29,000. Finally, Fairway Wealth LLC grew its holdings in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 88 shares during the period. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research note on Tuesday, May 6th. Mizuho dropped their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. UBS Group reduced their target price on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $165.00 target price (up from $164.00) on shares of Chevron in a research report on Thursday, June 26th. Finally, TD Cowen reduced their price objective on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $160.41.

Chevron Stock Performance

Chevron stock traded up $0.25 during trading on Friday, hitting $148.23. The stock had a trading volume of 5,173,309 shares, compared to its average volume of 8,273,025. The stock's 50 day moving average is $140.97 and its two-hundred day moving average is $148.07. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market cap of $258.86 billion, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83. 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 (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the prior year, the company earned $2.93 EPS. The firm's quarterly revenue was down 2.3% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.61%. 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.