Sheets Smith Wealth Management Sells 92 Shares of Chevron Corporation (NYSE:CVX)

Sheets Smith Wealth Management reduced its stake in Chevron Corporation (NYSE:CVX) by 2.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,496 shares of the oil and gas company’s stock after selling 92 shares during the quarter. Sheets Smith Wealth Management’s holdings in Chevron were worth $752,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IMG Wealth Management Inc. purchased a new stake in shares of Chevron during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc purchased a new stake in shares of Chevron during the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Chevron during the 4th quarter worth $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 holdings in shares of 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 buying an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CVX. Piper Sandler dropped their target price on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. TD Cowen decreased their target price on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Mizuho dropped their price target on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Finally, DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a research note on Tuesday, May 6th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Stock Down 2.2%

Shares of NYSE:CVX opened at $143.67 on Wednesday. The firm has a fifty day moving average price of $139.78 and a two-hundred day moving average price of $148.49. The company has a market cap of $250.90 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 2.58 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter last year, the business posted $2.93 earnings per share. The firm’s revenue was down 2.3% compared to the same quarter last year. Analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.76%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

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.