Selway Asset Management Sells 85 Shares of Chevron Co. (NYSE:CVX)

Selway Asset Management cut its holdings in Chevron Co. (NYSE:CVX) by 0.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,925 shares of the oil and gas company’s stock after selling 85 shares during the period. Chevron makes up approximately 2.1% of Selway Asset Management’s portfolio, making the stock its 15th biggest position. Selway Asset Management’s holdings in Chevron were worth $5,173,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CVX. Geode Capital Management LLC grew its stake in shares of Chevron by 1.1% in the 4th 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 buying an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Chevron by 2.4% in the 4th 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 stake in shares of Chevron in the 4th quarter valued at about $3,017,750,000. Northern Trust Corp grew its stake in shares of Chevron by 7.3% in the 4th 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 grew its stake in shares of Chevron by 2.1% in the 4th 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 owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVX. Raymond James reduced their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Wells Fargo & Company cut their price target on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Finally, Piper Sandler cut their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $160.24.

Chevron Price Performance

Shares of NYSE CVX opened at $137.80 on Tuesday. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The stock’s 50 day moving average price is $141.27 and its 200-day moving average price is $150.27. The company has a market capitalization of $240.64 billion, a PE ratio of 14.18, a PEG ratio of 1.46 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the previous year, the business earned $2.93 EPS. The company’s revenue was down 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.96%. Chevron’s payout ratio is presently 78.17%.

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.