Hedges Asset Management LLC Reduces Position in Chevron Corporation (NYSE:CVX)

Hedges Asset Management LLC decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,600 shares of the oil and gas company’s stock after selling 1,000 shares during the period. Chevron comprises approximately 1.3% of Hedges Asset Management LLC’s holdings, making the stock its 22nd largest position. Hedges Asset Management LLC’s holdings in Chevron were worth $2,108,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Chevron in the fourth quarter worth about $3,017,750,000. Raymond James Financial Inc. bought a new position in shares of Chevron during the 4th quarter valued at approximately $1,036,302,000. GAMMA Investing LLC increased its holdings in Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Amundi raised its stake in Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after acquiring an additional 1,910,262 shares during the period. Finally, Capital World Investors lifted its holdings in Chevron by 11.4% during the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock valued at $2,039,288,000 after purchasing an additional 1,440,808 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVX. BNP Paribas cut shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and lowered their price objective for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Wells Fargo & Company reiterated an “overweight” rating and set a $165.00 target price (up previously from $164.00) on shares of Chevron in a research report on Thursday. Finally, UBS Group lowered their price target on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $160.29.

Chevron Stock Up 0.8%

NYSE CVX opened at $144.40 on Friday. The stock has a 50 day moving average price of $140.08 and a 200-day moving average price of $148.37. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The company has a market capitalization of $252.18 billion, a P/E ratio of 16.50, a P/E/G ratio of 2.51 and a beta of 0.83.

Chevron (NYSE:CVX) last released 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 net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the business earned $2.93 earnings per share. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is 78.17%.

About Chevron

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.