New Millennium Group LLC cut its stake in Chevron Co. (NYSE:CVX – Free Report) by 66.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,476 shares of the oil and gas company’s stock after selling 2,873 shares during the period. New Millennium Group LLC’s holdings in Chevron were worth $241,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Rebalance LLC acquired a new position in Chevron during the 4th quarter valued at about $26,000. Worth Asset Management LLC bought a new stake in Chevron during the 1st quarter valued at $36,000. Red Tortoise LLC acquired a new position in Chevron during the 4th quarter worth $37,000. Western Pacific Wealth Management LP bought a new position in shares of Chevron in the fourth quarter worth $37,000. Finally, JDM Financial Group LLC acquired a new position in shares of Chevron during the fourth quarter valued at $42,000. 69.65% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
CVX has been the subject of several research analyst reports. Citigroup reduced their price objective on shares of Chevron from $180.00 to $170.00 in a report on Tuesday, July 11th. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 target price for the company in a research report on Tuesday, May 23rd. Royal Bank of Canada raised shares of Chevron from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $165.00 to $180.00 in a report on Thursday, June 1st. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. Finally, Piper Sandler dropped their price target on Chevron from $196.00 to $188.00 in a research note on Tuesday, June 13th. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.58.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The company had revenue of $50.79 billion for the quarter, compared to the consensus estimate of $49.49 billion. During the same period last year, the business posted $3.36 earnings per share. The firm’s revenue was down 6.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Co. will post 13.75 EPS for the current year.
Chevron Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were issued a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.90%. Chevron’s dividend payout ratio (DPR) is presently 32.61%.
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; 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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