Aviance Capital Partners LLC Reduces Stock Holdings in Chevron Corporation (NYSE:CVX)

Aviance Capital Partners LLC reduced its stake in Chevron Corporation (NYSE:CVX) by 6.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 14,371 shares of the oil and gas company’s stock after selling 918 shares during the period. Aviance Capital Partners LLC’s holdings in Chevron were worth $2,404,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CVX. IMG Wealth Management Inc. acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $29,000. 10Elms LLP acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $29,000. Finally, Fairway Wealth LLC boosted its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 88 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Chevron stock opened at $148.23 on Friday. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The business has a fifty day moving average of $140.97 and a two-hundred day moving average of $148.07. The company has a market cap of $258.86 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating 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 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. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Redburn Atlantic reissued a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and decreased their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Mizuho decreased their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Finally, Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Chevron has an average rating of “Hold” and a consensus target price 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.