Westwood Holdings Group Inc. Sells 25,796 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Westwood Holdings Group Inc. has reduced its stake in Chevron Corporation by 4%, selling 25,796 shares, and currently holds 623,423 shares, valued at approximately $104 million.
• Chevron reported earnings of $1.77 per share, exceeding estimates, alongside a revenue of $44.82 billion for the last quarter, though this represents a 12.4% decline year-over-year.
• The company declared a quarterly dividend of $1.71 per share, yielding around 4.5%, with the payout ratio currently at 88.03%.

Westwood Holdings Group Inc. decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 623,423 shares of the oil and gas company's stock after selling 25,796 shares during the quarter. Chevron makes up 0.8% of Westwood Holdings Group Inc.'s investment portfolio, making the stock its 26th biggest holding. Westwood Holdings Group Inc.'s holdings in Chevron were worth $104,292,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Renasant Bank grew its stake in shares of Chevron by 24.4% in the first quarter. Renasant Bank now owns 2,449 shares of the oil and gas company's stock worth $410,000 after purchasing an additional 480 shares during the last quarter. Wealthspire Advisors LLC grew its stake in shares of Chevron by 101.2% in the first quarter. Wealthspire Advisors LLC now owns 127,022 shares of the oil and gas company's stock worth $21,250,000 after purchasing an additional 63,897 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Chevron by 5.8% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 9,888 shares of the oil and gas company's stock worth $1,654,000 after purchasing an additional 539 shares during the last quarter. Leisure Capital Management grew its stake in shares of Chevron by 17.9% in the first quarter. Leisure Capital Management now owns 8,851 shares of the oil and gas company's stock worth $1,481,000 after purchasing an additional 1,342 shares during the last quarter. Finally, Vision Financial Markets LLC grew its stake in shares of Chevron by 5.8% in the first quarter. Vision Financial Markets LLC now owns 2,852 shares of the oil and gas company's stock worth $477,000 after purchasing an additional 157 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CVX. Evercore ISI reissued an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Scotiabank reiterated a "sector perform" rating and set a $160.00 price target (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Mizuho decreased 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. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and a consensus target price of $164.11.

Chevron Price Performance

Shares of NYSE CVX opened at $150.81 on Tuesday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market cap of $263.37 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 2.31 and a beta of 0.87. 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 firm's 50-day simple moving average is $147.14 and its 200 day simple moving average is $148.65.

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

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron's dividend payout ratio (DPR) is presently 88.03%.

About Chevron

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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