Spire Wealth Management Sells 10,589 Shares of Chevron Corporation (NYSE:CVX)

Spire Wealth Management reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 25.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,103 shares of the oil and gas company's stock after selling 10,589 shares during the period. Spire Wealth Management's holdings in Chevron were worth $5,203,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CVX. IMG Wealth Management Inc. purchased a new stake in Chevron in the 4th quarter worth approximately $25,000. Life Planning Partners Inc purchased a new position in shares of Chevron during the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Chevron in the fourth quarter worth $29,000. 10Elms LLP purchased a new stake in shares of Chevron during the fourth quarter worth $29,000. Finally, Fairway Wealth LLC boosted its position in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. HSBC lowered Chevron from a "buy" rating to a "hold" rating and dropped their target price for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. DZ Bank downgraded 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. Redburn Atlantic reiterated a "sell" rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, TD Cowen cut their price target on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Chevron currently has a consensus rating of "Hold" and an average price target of $160.29.

Chevron Stock Performance

Shares of NYSE:CVX traded down $0.57 during midday trading on Friday, hitting $143.87. The company's stock had a trading volume of 9,207,479 shares, compared to its average volume of 8,266,856. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The stock's 50 day simple moving average is $140.08 and its 200 day simple moving average is $148.37. The stock has a market capitalization of $251.26 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 2.54 and a beta of 0.83. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the firm posted $2.93 EPS. The company's revenue was down 2.3% on a year-over-year basis. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is currently 78.17%.

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.