Patten & Patten Inc. TN Has $9.62 Million Holdings in Chevron Corporation (NYSE:CVX)

Patten & Patten Inc. TN cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 57,522 shares of the oil and gas company’s stock after selling 890 shares during the quarter. Patten & Patten Inc. TN’s holdings in Chevron were worth $9,623,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CVX. 10Elms LLP purchased a new stake in shares of Chevron during the 4th quarter worth about $29,000. IFS Advisors LLC raised its stake in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Navigoe LLC purchased a new stake in shares of Chevron during the 4th quarter worth about $33,000. Cloud Capital Management LLC purchased a new stake in shares of Chevron during the 1st quarter worth about $39,000. Finally, Investment Management Corp VA ADV raised its stake in shares of Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 149 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of NYSE CVX opened at $154.84 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The business’s 50 day moving average is $145.12 and its two-hundred day moving average is $148.82. The company has a market cap of $270.40 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.44 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 quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.93 EPS. On average, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.42%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is currently 78.17%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CVX. Piper Sandler reaffirmed an “overweight” rating on shares of Chevron in a research note on Tuesday, July 15th. UBS Group cut their price target on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a research note on Tuesday, May 6th. BNP Paribas downgraded Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Finally, Scotiabank reissued a “sector perform” rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.13.

Chevron Company Profile

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.