Hartford Financial Management Inc. Sells 480 Shares of Chevron Corporation (NYSE:CVX)

Hartford Financial Management Inc. lessened its stake in Chevron Corporation (NYSE:CVX) by 1.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 36,750 shares of the oil and gas company’s stock after selling 480 shares during the quarter. Chevron makes up approximately 1.3% of Hartford Financial Management Inc.’s portfolio, making the stock its 17th biggest position. Hartford Financial Management Inc.’s holdings in Chevron were worth $6,148,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CVX. Sage Capital Advisors llc grew its position in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock worth $7,097,000 after acquiring an additional 919 shares in the last quarter. Pines Wealth Management LLC lifted its stake in Chevron by 3.3% during the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock worth $1,306,000 after purchasing an additional 253 shares during the last quarter. Viking Fund Management LLC boosted its holdings in shares of Chevron by 9.3% in the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock worth $19,573,000 after purchasing an additional 10,000 shares in the last quarter. Allianz SE bought a new position in shares of Chevron during the 4th quarter valued at about $9,369,000. Finally, Nicholas Company Inc. raised its holdings in shares of Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after buying an additional 3,280 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $148.18 on Thursday. The business has a 50 day moving average of $138.82 and a 200 day moving average of $148.90. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market cap of $258.78 billion, a PE ratio of 16.93, a P/E/G ratio of 2.61 and a beta of 0.83. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same period in the prior year, the business earned $2.93 EPS. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business 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 4.62%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. TD Cowen cut their target price on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Mizuho decreased their target price on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. BNP Paribas lowered shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Finally, Piper Sandler reduced their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Hold” and a consensus target price 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.