Avestar Capital LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX – Free Report) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,671 shares of the oil and gas company’s stock after selling 379 shares during the period. Avestar Capital LLC’s holdings in Chevron were worth $762,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Marino Stram & Associates LLC lifted its position in Chevron by 6.6% during the first quarter. Marino Stram & Associates LLC now owns 3,090 shares of the oil and gas company’s stock valued at $504,000 after buying an additional 191 shares in the last quarter. Madison Wealth Partners Inc lifted its position in Chevron by 3.5% during the first quarter. Madison Wealth Partners Inc now owns 2,403 shares of the oil and gas company’s stock valued at $392,000 after buying an additional 81 shares in the last quarter. Empire Financial Management Company LLC acquired a new position in Chevron during the first quarter valued at approximately $3,230,000. Grimes & Company Inc. lifted its position in Chevron by 8.2% during the first quarter. Grimes & Company Inc. now owns 45,846 shares of the oil and gas company’s stock valued at $7,480,000 after buying an additional 3,475 shares in the last quarter. Finally, Miracle Mile Advisors LLC lifted its position in shares of Chevron by 0.3% during the first quarter. Miracle Mile Advisors LLC now owns 19,980 shares of the oil and gas company’s stock worth $3,260,000 after purchasing an additional 60 shares in the last quarter. 69.65% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on CVX shares. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $189.00 target price on the stock in a research report on Tuesday, May 23rd. Mizuho reduced their target price on shares of Chevron from $206.00 to $196.00 in a research report on Friday, May 19th. UBS Group started coverage on shares of Chevron in a research report on Wednesday, April 19th. They set a “buy” rating and a $212.00 target price on the stock. Truist Financial reduced their target price on shares of Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Finally, Morgan Stanley boosted their target price on shares of Chevron from $192.00 to $198.00 in a research report on Tuesday, May 23rd. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $191.68.
Chevron Stock Down 2.2 %
Chevron (NYSE:CVX – Free Report) last released its earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.14. The firm had revenue of $50.79 billion during the quarter, compared to analyst estimates of $49.49 billion. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.36 earnings per share. Research analysts predict that Chevron Co. will post 13.83 EPS for the current year.
Chevron Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, May 18th. This represents a $6.04 annualized dividend and a dividend yield of 3.95%. Chevron’s dividend payout ratio is currently 32.61%.
Chevron 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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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