Ellevest Inc. Reduces Holdings in Chevron Co. (NYSE:CVX)

Ellevest Inc. lessened its holdings in Chevron Co. (NYSE:CVX) by 50.4% during the 4th quarter, Holdings Channel reports. The firm owned 1,723 shares of the oil and gas company’s stock after selling 1,753 shares during the quarter. Ellevest Inc.’s holdings in Chevron were worth $250,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter valued at $3,017,750,000. Raymond James Financial Inc. acquired a new position in Chevron in the 4th quarter valued at about $1,036,302,000. Bank of New York Mellon Corp lifted its holdings in Chevron by 17.3% in the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Amundi boosted its stake in shares of Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after purchasing an additional 1,910,262 shares during the last quarter. Finally, Capital World Investors grew its holdings in shares of Chevron by 11.4% during the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock worth $2,039,288,000 after buying an additional 1,440,808 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVX. Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Royal Bank of Canada restated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Redburn Atlantic reiterated a “sell” rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, Raymond James lowered their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $161.25.

Chevron Price Performance

CVX stock opened at $138.52 on Friday. The stock has a 50-day simple moving average of $147.91 and a 200-day simple moving average of $152.06. The firm has a market cap of $243.88 billion, a P/E ratio of 14.25, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for 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%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.93 earnings per share. On average, equities analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.94%. 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.