Sabal Trust CO Cuts Position in Chevron Corporation (NYSE:CVX)

Sabal Trust CO decreased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 187,932 shares of the oil and gas company's stock after selling 4,036 shares during the quarter. Chevron comprises 1.7% of Sabal Trust CO's holdings, making the stock its 18th biggest position. Sabal Trust CO's holdings in Chevron were worth $31,439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Eagle Capital Management LLC increased its stake 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 worth $5,011,000 after acquiring an additional 242 shares during the period. Bank Pictet & Cie Europe AG lifted its position in Chevron by 7.9% during 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 purchasing an additional 2,641 shares during the period. Pinnacle West Asset Management Inc. grew its position in Chevron by 3.9% during the 4th quarter. Pinnacle West Asset Management Inc. now owns 15,230 shares of the oil and gas company's stock worth $2,206,000 after purchasing an additional 575 shares during the period. Sprott Inc. acquired a new stake in Chevron during the 4th quarter worth about $432,000. Finally, Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Chevron during the 4th quarter valued at about $46,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of Chevron stock traded up $1.17 on Thursday, hitting $144.40. 7,408,438 shares of the company were exchanged, compared to its average volume of 8,253,670. 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 company has a 50-day moving average price of $139.95 and a 200 day moving average price of $148.45. The stock has a market capitalization of $252.18 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

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

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.74%. Chevron's dividend payout ratio is currently 78.17%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVX. Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a report on Tuesday, May 6th. BNP Paribas downgraded Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Wells Fargo & Company restated an "overweight" rating and issued a $165.00 price objective (up from $164.00) on shares of Chevron in a research report on Thursday. Finally, Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Chevron has an average rating of "Hold" and an average price target of $160.29.

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.