ACT Wealth Management LLC lessened its stake in Chevron Co. (NYSE:CVX – Get Rating) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,182 shares of the oil and gas company’s stock after selling 97 shares during the quarter. Chevron makes up 0.4% of ACT Wealth Management LLC’s holdings, making the stock its 15th biggest position. ACT Wealth Management LLC’s holdings in Chevron were worth $682,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently made changes to their positions in CVX. Rebalance LLC acquired a new stake in shares of Chevron in the 4th quarter valued at approximately $26,000. Worth Asset Management LLC acquired a new stake in Chevron during the 1st quarter valued at $36,000. Red Tortoise LLC acquired a new stake in Chevron during the 4th quarter valued at $37,000. Western Pacific Wealth Management LP acquired a new stake in Chevron during the 4th quarter valued at $37,000. Finally, JDM Financial Group LLC acquired a new stake in Chevron during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 69.65% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on CVX. Truist Financial cut their price target on Chevron from $193.00 to $190.00 in a report on Monday, May 1st. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price target for the company from $195.00 to $200.00 in a report on Thursday, April 13th. Mizuho dropped their target price on Chevron from $206.00 to $196.00 in a report on Friday, May 19th. JPMorgan Chase & Co. raised Chevron from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $161.00 to $170.00 in a report on Wednesday, May 31st. Finally, Wells Fargo & Company dropped their target price on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $191.68.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The firm had revenue of $50.79 billion for the quarter, compared to analysts’ expectations of $49.49 billion. During the same quarter in the previous year, the business posted $3.36 earnings per share. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, analysts expect that Chevron Co. will post 13.83 earnings per share for the current fiscal year.
Chevron Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio is presently 32.61%.
About Chevron
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
Further Reading
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