Confluence Investment Management LLC Sells 10,546 Shares of Chevron Co. (NYSE:CVX)

Confluence Investment Management LLC reduced its stake in shares of Chevron Co. (NYSE:CVX) by 1.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 734,333 shares of the oil and gas company’s stock after selling 10,546 shares during the period. Chevron comprises approximately 1.8% of Confluence Investment Management LLC’s portfolio, making the stock its 19th biggest position. Confluence Investment Management LLC’s holdings in Chevron were worth $122,847,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. bought a new stake in Chevron during the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron during the 4th quarter worth approximately $29,000. 10Elms LLP bought a new stake in Chevron during the 4th quarter worth approximately $29,000. Fairway Wealth LLC increased its holdings in Chevron by 75.9% during the 4th 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 in the last quarter. Finally, Navigoe LLC bought a new stake in Chevron during the 4th quarter worth approximately $33,000. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Truist Financial decreased their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Piper Sandler reduced their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Mizuho reduced their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company reduced their target price on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Finally, DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $160.24.

Chevron Price Performance

Chevron stock opened at $136.05 on Thursday. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The business’s 50 day simple moving average is $143.01 and its 200 day simple moving average is $150.83. The company has a market cap of $237.60 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the prior year, the business earned $2.93 earnings per share. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 5.03%. Chevron’s payout ratio is 78.17%.

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; 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.