Martin Capital Partners LLC Cuts Holdings in Chevron Co. (NYSE:CVX)

Martin Capital Partners LLC lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 3.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 12,221 shares of the oil and gas company’s stock after selling 382 shares during the quarter. Chevron accounts for about 2.4% of Martin Capital Partners LLC’s investment portfolio, making the stock its 14th largest holding. Martin Capital Partners LLC’s holdings in Chevron were worth $2,044,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Life Planning Partners Inc bought a new position in shares of Chevron during the fourth quarter valued at about $25,000. IMG Wealth Management Inc. bought a new position in shares of Chevron during the fourth quarter valued at about $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the fourth quarter valued at about $29,000. 10Elms LLP bought a new position in shares of Chevron during the fourth quarter valued at about $29,000. Finally, Fairway Wealth LLC grew its stake in shares of Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a research report on Tuesday, May 6th. Redburn Atlantic reissued a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, Piper Sandler dropped their price target on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Stock Up 1.9%

Shares of Chevron stock opened at $143.40 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a 50-day moving average of $138.21 and a 200 day moving average of $149.46. The firm has a market cap of $250.43 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.46 and a beta of 0.83. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business earned $2.93 EPS. As a group, sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share 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 paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.77%. Chevron’s payout ratio is 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.