Channel Wealth LLC Sells 93 Shares of Chevron Co. (NYSE:CVX)

Channel Wealth LLC lessened its holdings in Chevron Co. (NYSE:CVX) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,074 shares of the oil and gas company’s stock after selling 93 shares during the quarter. Channel Wealth LLC’s holdings in Chevron were worth $849,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Life Planning Partners Inc bought a new stake in Chevron during the fourth quarter worth about $25,000. IMG Wealth Management Inc. bought a new stake in Chevron during the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron during the fourth quarter worth about $29,000. 10Elms LLP bought a new stake in Chevron during the fourth quarter worth about $29,000. Finally, Fairway Wealth LLC lifted its position in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Wells Fargo & Company lowered their target price on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Piper Sandler lowered their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Finally, Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $160.24.

Chevron Price Performance

Chevron stock opened at $137.46 on Thursday. The stock has a market capitalization of $240.06 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.46 and a beta of 0.83. Chevron Co. has a 52-week low of $132.04 and a 52-week high of $168.96. The stock’s 50 day moving average price is $140.16 and its two-hundred day moving average price is $150.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.93 EPS. On average, equities analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date is Monday, May 19th. 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.