Chevron Corporation (NYSE:CVX) Stock Holdings Reduced by Western Wealth Management LLC

Western Wealth Management LLC cut its position in shares of Chevron Corporation (NYSE:CVX) by 2.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,984 shares of the oil and gas company’s stock after selling 376 shares during the period. Western Wealth Management LLC’s holdings in Chevron were worth $2,841,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Sage Capital Advisors llc lifted its position in shares of 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 buying an additional 919 shares during the last quarter. CCG Wealth Management LLC increased its holdings in shares of Chevron by 2.3% during the 1st 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 during the last quarter. Pines Wealth Management LLC raised its stake in shares of Chevron by 3.3% in the 1st 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 raised its stake 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 valued at $19,573,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Allianz SE acquired a new stake in Chevron in the 4th quarter worth approximately $9,369,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of NYSE CVX opened at $143.49 on Thursday. The firm has a market capitalization of $250.59 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 2.52 and a beta of 0.83. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The business has a fifty day simple moving average of $139.95 and a 200 day simple moving average of $148.45. 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 (NYSE:CVX) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business’s revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.93 EPS. Sell-side analysts expect that Chevron Corporation will post 10.79 EPS 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 dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.77%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend payout ratio is 78.17%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CVX. Redburn Atlantic reiterated a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Wells Fargo & Company decreased their price objective on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a report on Monday, May 5th. DZ Bank lowered shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. 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. Finally, UBS Group lowered their price target on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. 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 data from MarketBeat, the company presently has an average rating of “Hold” and an average 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.