Monte Financial Group LLC Reduces Stock Holdings in Chevron Corporation (NYSE:CVX)

Monte Financial Group LLC decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 0.8% in the first quarter, Holdings Channel.com reports. The firm owned 39,751 shares of the oil and gas company’s stock after selling 335 shares during the period. Chevron comprises 2.7% of Monte Financial Group LLC’s portfolio, making the stock its 7th largest holding. Monte Financial Group LLC’s holdings in Chevron were worth $6,650,000 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. IMG Wealth Management Inc. purchased a new position in Chevron during the fourth quarter valued at $25,000. Life Planning Partners Inc bought a new position in shares of Chevron during the fourth quarter valued at $25,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Chevron in the 4th quarter worth about $29,000. 10Elms LLP purchased a new position in shares of Chevron in the 4th quarter worth about $29,000. Finally, Fairway Wealth LLC boosted its stake in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group reduced their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Wells Fargo & Company cut their target price on Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Piper Sandler decreased 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. Finally, TD Cowen lowered their price target on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

NYSE CVX opened at $149.36 on Friday. The company’s 50 day moving average is $139.37 and its two-hundred day moving average is $148.72. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The stock has a market cap of $260.84 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 2.60 and a beta of 0.83. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share 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 company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.93 EPS. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.58%. Chevron’s payout ratio is 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.