Northeast Investment Management Lowers Holdings in Chevron Co. (NYSE:CVX)

Northeast Investment Management trimmed its holdings in Chevron Co. (NYSE:CVX) by 0.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 109,944 shares of the oil and gas company’s stock after selling 257 shares during the quarter. Northeast Investment Management’s holdings in Chevron were worth $18,393,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Sage Capital Advisors llc lifted its stake in Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock worth $7,097,000 after purchasing an additional 919 shares in the last quarter. Viking Fund Management LLC lifted its position in shares of Chevron by 9.3% in the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock worth $19,573,000 after buying an additional 10,000 shares in the last quarter. Allianz SE bought a new position in Chevron during the fourth quarter valued at approximately $9,369,000. Nicholas Company Inc. grew its holdings in Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after buying an additional 3,280 shares in the last quarter. Finally, Applied Finance Capital Management LLC increased its stake in Chevron by 1.6% in the 4th quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock worth $26,044,000 after acquiring an additional 2,755 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. UBS Group lowered their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Barclays lowered shares of Chevron from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Wells Fargo & Company reduced their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Finally, TD Cowen dropped their price target on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

Shares of CVX stock opened at $143.40 on Wednesday. The stock has a 50 day moving average price of $138.21 and a 200 day moving average price of $149.46. Chevron Co. has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a market capitalization of $250.43 billion, a P/E ratio of 14.75, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the company earned $2.93 earnings per share. As a group, sell-side analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.77%. Chevron’s dividend payout ratio (DPR) 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.