Heirloom Wealth Management Sells 643 Shares of Chevron Corporation (NYSE:CVX)

Heirloom Wealth Management cut its stake in Chevron Corporation (NYSE:CVX) by 23.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,123 shares of the oil and gas company’s stock after selling 643 shares during the quarter. Heirloom Wealth Management’s holdings in Chevron were worth $355,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Berkeley Capital Partners LLC raised its position in Chevron by 0.4% during the 4th quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company’s stock valued at $2,572,000 after purchasing an additional 67 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its position in Chevron by 6.1% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 1,184 shares of the oil and gas company’s stock valued at $171,000 after purchasing an additional 68 shares during the last quarter. CoreCap Advisors LLC raised its position in Chevron by 0.3% during the 4th quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company’s stock valued at $4,091,000 after purchasing an additional 71 shares during the last quarter. Fairscale Capital LLC grew its holdings in shares of Chevron by 11.5% during the 4th quarter. Fairscale Capital LLC now owns 706 shares of the oil and gas company’s stock worth $102,000 after acquiring an additional 73 shares during the period. Finally, Austin Wealth Management LLC grew its holdings in shares of Chevron by 3.2% during the 4th quarter. Austin Wealth Management LLC now owns 2,364 shares of the oil and gas company’s stock worth $342,000 after acquiring an additional 74 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CVX shares. DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price on the stock. in a report on Tuesday, May 6th. Piper Sandler reduced their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and reduced their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Wells Fargo & Company reiterated an “overweight” rating and set a $165.00 target price (up previously from $164.00) on shares of Chevron in a report on Thursday. Finally, Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $160.29.

Chevron Stock Performance

CVX stock opened at $143.87 on Friday. The stock has a market capitalization of $251.26 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. 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’s 50 day simple moving average is $140.20 and its 200 day simple moving average is $148.22.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.03. The business 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 firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.93 EPS. As a group, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company 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 of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.75%. Chevron’s payout ratio is 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.