Pin Oak Investment Advisors Inc. Reduces Stock Position in Chevron Corporation (NYSE:CVX)

Pin Oak Investment Advisors Inc. reduced its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,739 shares of the oil and gas company’s stock after selling 128 shares during the quarter. Chevron comprises 1.6% of Pin Oak Investment Advisors Inc.’s investment portfolio, making the stock its 17th biggest position. Pin Oak Investment Advisors Inc.’s holdings in Chevron were worth $2,116,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CVX. Eagle Capital Management LLC increased its holdings in Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock worth $5,011,000 after acquiring an additional 242 shares during the period. Bank Pictet & Cie Europe AG increased its holdings in Chevron by 7.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock worth $5,212,000 after acquiring an additional 2,641 shares during the period. Maridea Wealth Management LLC bought a new stake in Chevron during the 4th quarter worth approximately $318,000. Schroder Investment Management Group increased its holdings in Chevron by 9.4% during the 4th quarter. Schroder Investment Management Group now owns 1,090,546 shares of the oil and gas company’s stock worth $156,024,000 after acquiring an additional 93,499 shares during the period. Finally, RWA Wealth Partners LLC increased its holdings in Chevron by 3.1% during the 4th quarter. RWA Wealth Partners LLC now owns 130,947 shares of the oil and gas company’s stock worth $18,966,000 after acquiring an additional 3,956 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the topic of a number of analyst reports. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and decreased their price target for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Wells Fargo & Company increased their price target on shares of Chevron from $165.00 to $178.00 and gave the stock an “overweight” rating in a report on Wednesday, July 23rd. Scotiabank reissued a “sector perform” rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, TD Cowen reduced their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average price target of $162.13.

Chevron Trading Down 0.6%

NYSE:CVX opened at $154.84 on Monday. The company has a 50-day moving average price of $145.12 and a 200-day moving average price of $148.82. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. 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 stock has a market cap of $270.40 billion, a price-to-earnings ratio of 17.70, a P/E/G ratio of 2.44 and a beta of 0.83.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating 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 company had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same period last year, the company posted $2.93 EPS. Chevron’s revenue was down 2.3% on a year-over-year basis. Equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

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.