Salem Investment Counselors Inc. Has $5.15 Million Stock Position in Chevron Co. (NYSE:CVX)

Salem Investment Counselors Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 10.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,785 shares of the oil and gas company’s stock after selling 3,540 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Chevron were worth $5,150,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital & Planning LLC raised its position in shares of Chevron by 15.2% during the fourth quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company’s stock worth $243,000 after purchasing an additional 222 shares during the period. Eagle Capital Management LLC increased its holdings in Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock worth $5,011,000 after buying an additional 242 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Chevron in the 4th quarter valued at about $8,947,000. TFB Advisors LLC boosted its stake in shares of Chevron by 2.4% during the 4th quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company’s stock worth $411,000 after acquiring an additional 66 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Chevron by 18.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 263,872 shares of the oil and gas company’s stock valued at $38,712,000 after purchasing an additional 40,311 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CVX. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $160.00 to $143.00 in a report on Friday, April 11th. HSBC cut Chevron from a “buy” rating to a “hold” rating and decreased their target price for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a research note on Tuesday, May 6th. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, BNP Paribas cut Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

Shares of CVX opened at $144.90 on Friday. 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 business’s fifty day moving average is $138.35 and its 200 day moving average is $149.32. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a market cap of $253.05 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.46 and a beta of 0.83.

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, topping analysts’ consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.93 EPS. Sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.72%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend 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.