Investment Partners Asset Management Inc. Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Investment Partners Asset Management Inc. reduced its position in shares of Chevron Co. (NYSE:CVX) by 55.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,427 shares of the oil and gas company’s stock after selling 1,792 shares during the quarter. Investment Partners Asset Management Inc.’s holdings in Chevron were worth $239,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Chevron in the fourth quarter valued at about $3,017,750,000. Raymond James Financial Inc. bought a new stake in shares of Chevron in the fourth quarter worth about $1,036,302,000. GAMMA Investing LLC grew its stake in shares of Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after purchasing an additional 5,382,847 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after purchasing an additional 2,432,756 shares during the period. Finally, Amundi raised its position in Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CVX. Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Piper Sandler decreased their price target on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. TD Cowen lowered their target price on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. UBS Group dropped their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

Shares of NYSE:CVX opened at $143.40 on Wednesday. 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 cap of $250.43 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The business has a 50-day simple moving average of $138.21 and a two-hundred day simple moving average of $149.46. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

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

Chevron Dividend Announcement

The firm also recently declared 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 payout ratio is presently 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.