Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Position in Chevron Corporation (NYSE:CVX)

Key Points

• Zurcher Kantonalbank reduced its holdings in Chevron Corporation by 4.7%, selling 27,554 shares and holding a total of 561,669 shares valued at approximately $93.96 million.
• Chevron reported earnings of $2.18 per share for the last quarter, beating analysts' expectations but reflecting a 2.3% decline in revenue year-over-year.
• The company declared a quarterly dividend of $1.71, which represents an annualized yield of 4.42% and a payout ratio of 78.17%.

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 4.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 561,669 shares of the oil and gas company's stock after selling 27,554 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Chevron were worth $93,962,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. CoreCap Advisors LLC increased its stake in shares of Chevron by 0.3% in the fourth quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock worth $4,091,000 after purchasing an additional 71 shares in the last quarter. Clayton Financial Group LLC increased its stake in shares of Chevron by 4.6% in the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 75 shares in the last quarter. Requisite Capital Management LLC increased its stake in shares of Chevron by 1.2% in the first quarter. Requisite Capital Management LLC now owns 6,362 shares of the oil and gas company's stock worth $1,064,000 after purchasing an additional 77 shares in the last quarter. Silverlake Wealth Management LLC increased its stake in shares of Chevron by 0.7% in the first quarter. Silverlake Wealth Management LLC now owns 10,929 shares of the oil and gas company's stock worth $1,828,000 after purchasing an additional 78 shares in the last quarter. Finally, Annandale Capital LLC increased its stake in shares of Chevron by 5.7% in the fourth quarter. Annandale Capital LLC now owns 1,471 shares of the oil and gas company's stock worth $213,000 after purchasing an additional 79 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Chevron stock traded down $2.03 during mid-day trading on Wednesday, hitting $155.00. 3,344,952 shares of the company traded hands, compared to its average volume of 9,441,852. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The stock has a market cap of $270.69 billion, a price-to-earnings ratio of 17.71, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83. 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 has a fifty day moving average price of $145.88 and a 200-day moving average price of $148.89.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 7.76% and a return on equity of 10.73%. Chevron's revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.93 earnings per share. On average, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.41%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is 78.17%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Mizuho cut their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Redburn Atlantic restated a "sell" rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, BNP Paribas lowered shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $162.13.

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.