Hennessy Advisors Inc. Sells 550 Shares of Chevron Co. (NYSE:CVX)

Hennessy Advisors Inc. lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 0.8% in the first quarter, HoldingsChannel.com reports. The firm owned 64,882 shares of the oil and gas company’s stock after selling 550 shares during the period. Hennessy Advisors Inc.’s holdings in Chevron were worth $10,854,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Farmers & Merchants Investments Inc. boosted its holdings in Chevron by 0.5% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 119,633 shares of the oil and gas company’s stock worth $20,013,000 after acquiring an additional 536 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Chevron by 10.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,133,752 shares of the oil and gas company’s stock worth $189,666,000 after acquiring an additional 104,103 shares during the last quarter. Tritonpoint Wealth LLC boosted its holdings in Chevron by 3.8% during the 1st quarter. Tritonpoint Wealth LLC now owns 51,226 shares of the oil and gas company’s stock worth $8,570,000 after acquiring an additional 1,877 shares during the last quarter. Meritas Wealth Management LLC purchased a new position in Chevron during the 1st quarter worth $223,000. Finally, Azzad Asset Management Inc. ADV purchased a new position in Chevron during the 1st quarter worth $5,013,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.5%

Shares of CVX opened at $145.74 on Friday. The firm has a market cap of $254.52 billion, a P/E ratio of 14.99, a P/E/G ratio of 1.46 and a beta of 0.83. The stock has a 50 day simple moving average of $138.53 and a two-hundred day simple moving average of $149.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the firm posted $2.93 earnings per share. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is 78.17%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research analyst reports. UBS Group cut their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Piper Sandler lowered their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research note on Tuesday, May 6th. Redburn Atlantic restated a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, HSBC cut Chevron from a “buy” rating to a “hold” rating and lowered their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $160.24.

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.