Trust Point Inc. Sells 2,697 Shares of Chevron Co. (NYSE:CVX)

Trust Point Inc. cut its position in shares of Chevron Co. (NYSE:CVX - Free Report) by 14.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,108 shares of the oil and gas company's stock after selling 2,697 shares during the quarter. Trust Point Inc.'s holdings in Chevron were worth $2,695,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sage Capital Advisors llc grew its holdings in shares of Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the last quarter. Pines Wealth Management LLC grew its stake in shares of Chevron by 3.3% during the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock valued at $1,306,000 after buying an additional 253 shares during the last quarter. Viking Fund Management LLC increased its holdings in shares of Chevron by 9.3% in the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock worth $19,573,000 after buying an additional 10,000 shares during the period. Allianz SE purchased a new stake in Chevron during the 4th quarter valued at about $9,369,000. Finally, Nicholas Company Inc. grew its position in Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after acquiring an additional 3,280 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Barclays lowered Chevron from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Mizuho lowered their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Scotiabank cut Chevron from a "sector outperform" rating to a "sector perform" rating and cut their target price for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, HSBC lowered Chevron from a "buy" rating to a "hold" rating and cut their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Chevron presently has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Stock Up 0.1%

Shares of NYSE:CVX traded up $0.16 on Monday, hitting $146.07. 10,078,133 shares of the company traded hands, compared to its average volume of 8,190,263. The stock has a 50 day simple moving average of $138.53 and a 200-day simple moving average of $149.02. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a market cap of $255.09 billion, a PE ratio of 15.03, a PEG ratio of 1.46 and a beta of 0.83. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. Chevron's revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business earned $2.93 EPS. As a group, research analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.68%. Chevron's payout ratio 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.