Intact Investment Management Inc. Lowers Stock Holdings in Chevron Corporation (NYSE:CVX)

Intact Investment Management Inc. trimmed its holdings in shares of Chevron Corporation (NYSE:CVX) by 8.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 66,000 shares of the oil and gas company’s stock after selling 6,000 shares during the period. Intact Investment Management Inc.’s holdings in Chevron were worth $11,041,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sage Capital Advisors llc increased its position in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock valued at $7,097,000 after acquiring an additional 919 shares in the last quarter. CCG Wealth Management LLC increased its position in shares of Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock valued at $1,060,000 after acquiring an additional 145 shares in the last quarter. Pines Wealth Management LLC increased its position in shares of 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 valued at $1,306,000 after acquiring an additional 253 shares in the last quarter. Viking Fund Management LLC increased its position in shares of Chevron by 9.3% during the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock valued at $19,573,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Allianz SE bought a new stake in shares of Chevron during the fourth quarter valued at approximately $9,369,000. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CVX. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Piper Sandler cut their target price on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. TD Cowen cut their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, UBS Group cut their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $160.24.

Chevron Trading Up 0.8%

Shares of CVX stock opened at $149.36 on Friday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a fifty day moving average price of $139.37 and a 200-day moving average price of $148.65. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The company has a market cap of $260.84 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 2.63 and a beta of 0.83.

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. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. 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, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.58%. 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.