Chevron Co. (NYSE:CVX) Shares Sold by Columbus Macro LLC

Columbus Macro LLC cut its stake in shares of Chevron Co. (NYSE:CVX) by 3.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,109 shares of the oil and gas company’s stock after selling 85 shares during the period. Columbus Macro LLC’s holdings in Chevron were worth $353,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Norges Bank acquired a new position in Chevron in the fourth quarter valued at approximately $3,017,750,000. Raymond James Financial Inc. acquired a new position in Chevron in the fourth quarter valued at approximately $1,036,302,000. GAMMA Investing LLC boosted its holdings in Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Chevron by 17.3% in the fourth 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 buying an additional 2,432,756 shares during the last quarter. Finally, Amundi lifted its stake in Chevron by 27.7% in the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after buying an additional 1,910,262 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CVX shares. Redburn Atlantic reiterated a “sell” rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Barclays cut 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. HSBC cut Chevron from a “buy” rating to a “hold” rating and reduced their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Piper Sandler reduced their price objective 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 investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Trading Up 0.1%

Shares of CVX stock opened at $146.07 on Tuesday. The business’s fifty day moving average price is $138.72 and its 200 day moving average price is $148.91. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market capitalization of $255.09 billion, a PE ratio of 15.03, a P/E/G ratio of 1.46 and a beta of 0.83. 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 (NYSE:CVX) last announced its quarterly earnings data 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 analyst estimates of $49.05 billion. During the same quarter in the prior year, the company posted $2.93 earnings per share. Chevron’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date was Monday, May 19th. Chevron’s dividend 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.