Chevron Corporation (NYSE:CVX) Position Lowered by Red Mountain Financial LLC

Red Mountain Financial LLC decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 3.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,546 shares of the oil and gas company’s stock after selling 90 shares during the period. Red Mountain Financial LLC’s holdings in Chevron were worth $426,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. ZWJ Investment Counsel Inc. lifted its holdings in shares of Chevron by 3.0% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 240,877 shares of the oil and gas company’s stock worth $40,296,000 after purchasing an additional 7,011 shares during the last quarter. Clark Asset Management LLC bought a new stake in Chevron during the 1st quarter valued at $303,000. Resonant Capital Advisors LLC raised its stake in Chevron by 4.7% during the 1st quarter. Resonant Capital Advisors LLC now owns 35,832 shares of the oil and gas company’s stock valued at $5,994,000 after acquiring an additional 1,602 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Chevron by 9.3% during the 1st quarter. Teacher Retirement System of Texas now owns 578,975 shares of the oil and gas company’s stock valued at $96,857,000 after acquiring an additional 49,319 shares in the last quarter. Finally, Lodestone Wealth Management LLC raised its stake in Chevron by 0.8% during the 1st quarter. Lodestone Wealth Management LLC now owns 11,056 shares of the oil and gas company’s stock valued at $1,850,000 after acquiring an additional 93 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

CVX opened at $147.91 on Thursday. The business’s 50-day moving average price is $140.78 and its two-hundred day moving average price is $148.08. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a market capitalization of $258.31 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 2.48 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 (NYSE:CVX) last released its quarterly earnings results 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. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm 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 EPS. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.62%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is 78.17%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Piper Sandler lifted their target price on Chevron from $162.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. DZ Bank downgraded 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. Finally, HSBC downgraded Chevron from a “buy” rating to a “hold” rating and cut their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $160.41.

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.