Mizuho Markets Americas LLC Reduces Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Mizuho Markets Americas LLC reduced its holdings in Chevron Corporation by 56.6%, selling 10,138 shares and bringing its total ownership to 7,780 shares valued at $1.3 million.
• Certain hedge funds, like GAMMA Investing LLC, significantly increased their stakes in Chevron, with GAMMA boosting its holdings by over 21,191.5%, acquiring over 5.3 million additional shares.
• Chevron reported a quarterly earnings per share (EPS) of $1.77, exceeding the consensus estimate of $1.58, though its revenue decreased by 12.4% compared to the previous year.

Mizuho Markets Americas LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 56.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,780 shares of the oil and gas company's stock after selling 10,138 shares during the period. Mizuho Markets Americas LLC's holdings in Chevron were worth $1,302,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sage Capital Advisors llc increased its stake in Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC increased its stake in Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC increased its stake in shares of Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after buying an additional 1,519 shares during the period. Vista Capital Partners Inc. increased its stake in shares of Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its stake in shares of Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. BNP Paribas lowered shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and cut their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. Finally, Scotiabank restated a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $164.11.

Chevron Stock Performance

Shares of NYSE CVX traded up $1.31 during mid-day trading on Wednesday, hitting $155.75. 6,581,736 shares of the company were exchanged, compared to its average volume of 9,385,985. 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 stock has a 50 day simple moving average of $149.07 and a 200-day simple moving average of $148.55. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market cap of $269.13 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 2.30 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. Chevron's revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.55 earnings per share. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm 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 annualized dividend and a yield of 4.4%. Chevron's dividend payout ratio is presently 88.03%.

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.