Chevron Corporation (NYSE:CVX) Shares Sold by Encompass Wealth Advisors LLC

Encompass Wealth Advisors LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,863 shares of the oil and gas company’s stock after selling 80 shares during the period. Encompass Wealth Advisors LLC’s holdings in Chevron were worth $646,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in Chevron in the fourth quarter worth about $3,017,750,000. Raymond James Financial Inc. acquired a new position in Chevron in the fourth quarter worth about $1,036,302,000. GAMMA Investing LLC grew its stake 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 worth $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Bank of New York Mellon Corp grew 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 worth $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Finally, Amundi grew 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 worth $1,323,549,000 after purchasing an additional 1,910,262 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVX. Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Mizuho decreased their price target on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. TD Cowen decreased their price target on Chevron from $155.00 to $150.00 and set a “hold” rating for the company 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, Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Three 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. According to MarketBeat.com, Chevron has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Stock Performance

CVX opened at $149.36 on Monday. The business’s 50 day moving average is $139.37 and its 200-day moving average is $148.58. The stock has a market cap of $260.84 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 2.63 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results 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. The company had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.93 earnings per share. On average, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.58%. Chevron’s dividend payout ratio (DPR) is presently 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.