Arvest Investments Inc. Sells 630 Shares of Chevron Co. (NYSE:CVX)

Arvest Investments Inc. reduced its position in shares of Chevron Co. (NYSE:CVX) by 4.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,117 shares of the oil and gas company’s stock after selling 630 shares during the quarter. Arvest Investments Inc.’s holdings in Chevron were worth $2,027,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital & Planning LLC raised its holdings in Chevron by 15.2% during the 4th quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company’s stock valued at $243,000 after buying an additional 222 shares during the period. Eagle Capital Management LLC raised its holdings in Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock valued at $5,011,000 after buying an additional 242 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in Chevron in the fourth quarter worth $8,947,000. Sovran Advisors LLC purchased a new stake in Chevron in the fourth quarter worth $937,000. Finally, Quent Capital LLC increased its stake in Chevron by 8.1% in the fourth quarter. Quent Capital LLC now owns 3,293 shares of the oil and gas company’s stock worth $477,000 after purchasing an additional 248 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of CVX stock opened at $144.83 on Thursday. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The stock’s 50-day moving average is $138.24 and its 200 day moving average is $149.42. The company has a market cap of $252.93 billion, a P/E ratio of 14.90, a PEG ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

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

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. TD Cowen reduced their target price on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Wells Fargo & Company reduced their target price on Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. HSBC lowered Chevron from a “buy” rating to a “hold” rating and reduced their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Finally, Redburn Atlantic reiterated a “sell” rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $160.24.

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.