Sumitomo Mitsui Trust Group Inc. Sells 55,698 Shares of Chevron Corporation (NYSE:CVX)

Sumitomo Mitsui Trust Group Inc. cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,174,999 shares of the oil and gas company's stock after selling 55,698 shares during the period. Chevron accounts for 0.5% of Sumitomo Mitsui Trust Group Inc.'s investment portfolio, making the stock its 29th largest holding. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Chevron worth $698,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock valued at $4,613,960,000 after buying an additional 746,806 shares during the period. Norges Bank acquired a new position in Chevron in the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp lifted its stake in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after buying an additional 1,394,091 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock valued at $2,881,280,000 after buying an additional 410,460 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CVX shares. Barclays lowered Chevron from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Redburn Atlantic reissued a "sell" rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. BNP Paribas lowered Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Finally, TD Cowen dropped their price target on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Three research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $160.29.

Chevron Stock Down 0.4%

NYSE CVX traded down $0.57 on Friday, reaching $143.87. The company had a trading volume of 9,207,479 shares, compared to its average volume of 8,254,743. The stock has a market capitalization of $251.26 billion, a P/E ratio of 16.44, a P/E/G ratio of 2.52 and a beta of 0.83. The company's fifty day moving average is $140.20 and its 200 day moving average is $148.22. Chevron Corporation has a 52-week low of $132.04 and a 52-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.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS 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 analyst estimates of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.93 EPS. Sell-side analysts anticipate 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 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 4.75%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is currently 78.17%.

Chevron Company 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.