Sigma Investment Counselors Inc. Trims Stake in Chevron Corporation (NYSE:CVX)

Sigma Investment Counselors Inc. lowered its holdings in Chevron Corporation (NYSE:CVX) by 12.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,567 shares of the oil and gas company’s stock after selling 922 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Chevron were worth $1,099,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Berkeley Capital Partners LLC raised its position in Chevron by 0.4% in the fourth quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company’s stock valued at $2,572,000 after purchasing an additional 67 shares during the period. CBIZ Investment Advisory Services LLC raised its holdings in shares of Chevron by 6.1% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 1,184 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 68 shares during the period. CoreCap Advisors LLC raised its holdings in shares of Chevron by 0.3% in the 4th quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company’s stock valued at $4,091,000 after buying an additional 71 shares during the period. Fairscale Capital LLC raised its holdings in shares of Chevron by 11.5% in the 4th quarter. Fairscale Capital LLC now owns 706 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 73 shares during the period. Finally, Austin Wealth Management LLC raised its holdings in shares of Chevron by 3.2% in the 4th quarter. Austin Wealth Management LLC now owns 2,364 shares of the oil and gas company’s stock valued at $342,000 after buying an additional 74 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of several research analyst reports. Wells Fargo & Company reiterated an “overweight” rating and issued a $165.00 price objective (up previously from $164.00) on shares of Chevron in a report on Thursday, June 26th. UBS Group cut their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Barclays boosted their price objective on Chevron from $152.00 to $156.00 and gave the company an “equal weight” rating in a report on Monday. BNP Paribas downgraded Chevron to a “cautious” rating in a report on Tuesday, April 15th. Finally, TD Cowen cut their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. 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 company’s stock. According to MarketBeat.com, Chevron presently has an average rating of “Hold” and an average price target of $160.65.

Chevron Trading Down 0.7%

NYSE:CVX opened at $147.40 on Tuesday. The stock has a 50-day simple moving average of $141.31 and a 200-day simple moving average of $148.18. The stock has a market cap of $257.42 billion, a P/E ratio of 16.85, a P/E/G ratio of 2.51 and a beta of 0.83. Chevron Corporation has a 1 year low of $132.04 and a 1 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.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.64%. 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.