Navellier & Associates Inc. Sells 7,920 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Navellier & Associates Inc. reduced its holdings in Chevron Corporation by 39.5%, selling 7,920 shares during the first quarter and owning 12,131 shares worth approximately $2,029,000.
• Analysts have adjusted their ratings on Chevron, with three analysts issuing sell ratings while the average target price is now $162.13.
• The company recently declared a quarterly dividend of $1.71, yielding 4.42%, with a payout ratio of 78.17%.

Navellier & Associates Inc. trimmed its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 39.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,131 shares of the oil and gas company's stock after selling 7,920 shares during the quarter. Navellier & Associates Inc.'s holdings in Chevron were worth $2,029,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CVX. Life Planning Partners Inc acquired a new position in shares of Chevron during the fourth quarter worth approximately $25,000. 10Elms LLP acquired a new position in shares of Chevron during the fourth quarter worth approximately $29,000. Navigoe LLC acquired a new position in shares of Chevron during the fourth quarter worth approximately $33,000. IFS Advisors LLC lifted its position in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron during the first quarter worth approximately $39,000. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CVX shares. BNP Paribas lowered shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective on the stock. in a report on Tuesday, May 6th. Mizuho cut 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. Barclays reiterated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $162.13.

Chevron Stock Down 0.6%

Shares of NYSE:CVX traded down $1.00 during midday trading on Friday, reaching $154.84. 7,872,671 shares of the company were exchanged, compared to its average volume of 12,051,790. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The stock has a fifty day simple moving average of $145.12 and a two-hundred day simple moving average of $148.83. The firm has a market cap of $270.40 billion, a PE ratio of 17.70, a P/E/G ratio of 2.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.93 earnings per share. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is currently 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.