Stonebridge Capital Management Inc. Has $5.62 Million Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Stonebridge Capital Management Inc. reduced its stake in Chevron by 7.6% in the first quarter, now holding approximately $5.62 million in shares.
• Certain institutional investors have made significant adjustments to their Chevron holdings, with Harvest Fund Management Co. Ltd increasing its stake by 420.7% during the same period.
• Chevron recently reported an EPS of $1.77, surpassing analysts' expectations, although its revenue fell 12.4% year-over-year.

Stonebridge Capital Management Inc. cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 7.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 33,597 shares of the oil and gas company's stock after selling 2,750 shares during the quarter. Chevron comprises 2.4% of Stonebridge Capital Management Inc.'s holdings, making the stock its 13th biggest position. Stonebridge Capital Management Inc.'s holdings in Chevron were worth $5,620,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its stake in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 122 shares in the last quarter. 10Elms LLP bought a new stake in Chevron in the 4th quarter valued at approximately $29,000. Navigoe LLC bought a new stake in Chevron in the 4th quarter valued at approximately $33,000. IFS Advisors LLC raised its stake in shares of Chevron by 119.6% during the 1st 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 bought a new stake in shares of Chevron during the 1st quarter worth approximately $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CVX. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. BNP Paribas cut Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Scotiabank reiterated a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. TD Cowen upped their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Finally, Mizuho cut their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $164.11.

Chevron Stock Up 1.2%

Shares of NYSE CVX opened at $154.98 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market capitalization of $270.66 billion, a P/E ratio of 19.95, a PEG ratio of 2.30 and a beta of 0.87. The stock's fifty day moving average is $148.45 and its 200 day moving average is $148.63.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.80% and a net margin of 7.02%. Chevron's revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the business earned $2.55 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) 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.

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