Axxcess Wealth Management LLC Trims Stock Position in Chevron Corporation (NYSE:CVX)

Axxcess Wealth Management LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 4.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 62,461 shares of the oil and gas company’s stock after selling 2,718 shares during the period. Axxcess Wealth Management LLC’s holdings in Chevron were worth $10,449,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sage Capital Advisors llc boosted its holdings in Chevron by 2.2% in the 1st 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 boosted 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 worth $1,060,000 after purchasing an additional 145 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock worth $24,075,000 after purchasing an additional 675 shares during the last quarter. Pines Wealth Management LLC boosted its holdings in shares of Chevron by 3.3% during the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock worth $1,306,000 after purchasing an additional 253 shares during the last quarter. Finally, Viking Fund Management LLC boosted its holdings in shares of Chevron by 9.3% during the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock worth $19,573,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $153.04 on Wednesday. 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 firm has a fifty day moving average price of $141.58 and a 200 day moving average price of $148.22. The company has a market cap of $267.27 billion, a P/E ratio of 17.49, a PEG ratio of 2.50 and a beta of 0.83. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the previous year, the firm posted $2.93 earnings per share. The company’s revenue was down 2.3% compared to the same quarter last year. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.47%. Chevron’s dividend payout ratio is presently 78.17%.

Analyst Ratings Changes

A number of brokerages have issued reports on CVX. UBS Group cut their target price on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Wells Fargo & Company reissued an “overweight” rating and issued a $165.00 target price (up previously from $164.00) on shares of Chevron in a research report on Thursday, June 26th. TD Cowen cut their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Piper Sandler upped their price objective on Chevron from $162.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 2nd. Finally, Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report 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 stock. According to MarketBeat.com, Chevron presently has an average rating of “Hold” and an average target price of $160.65.

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.