Elmwood Wealth Management Inc. Sells 350 Shares of Chevron Corporation (NYSE:CVX)

Elmwood Wealth Management Inc. decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 10.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,068 shares of the oil and gas company’s stock after selling 350 shares during the quarter. Elmwood Wealth Management Inc.’s holdings in Chevron were worth $513,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CVX. IMG Wealth Management Inc. purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc bought a new stake in Chevron during the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Chevron in the 4th quarter worth $29,000. 10Elms LLP purchased a new stake in shares of Chevron in the 4th quarter worth $29,000. Finally, Fairway Wealth LLC grew its position in shares of Chevron by 75.9% during 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 in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Up 1.6%

Shares of CVX stock opened at $147.91 on Thursday. The stock’s fifty day moving average price is $140.78 and its 200 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 cap of $258.31 billion, a price-to-earnings ratio of 16.90, a price-to-earnings-growth 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 issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping 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 business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter last year, the company earned $2.93 earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. On average, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CVX. Piper Sandler lifted their price objective on Chevron from $162.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday. Wells Fargo & Company restated an “overweight” rating and issued a $165.00 price target (up previously from $164.00) on shares of Chevron in a report on Thursday, June 26th. Mizuho lowered their price target on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. UBS Group cut their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, HSBC lowered Chevron from a “buy” rating to a “hold” rating and lowered their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.