Birch Hill Investment Advisors LLC Trims Stake in Chevron Co. (NYSE:CVX)

Birch Hill Investment Advisors LLC reduced its stake in Chevron Co. (NYSE:CVX) by 7.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,027 shares of the oil and gas company’s stock after selling 1,175 shares during the period. Birch Hill Investment Advisors LLC’s holdings in Chevron were worth $2,347,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Geode Capital Management LLC increased its stake in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after purchasing an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after buying an additional 746,806 shares during the period. Norges Bank purchased a new stake in Chevron during the 4th quarter worth approximately $3,017,750,000. Northern Trust Corp increased its stake in Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after buying an additional 1,394,091 shares during the period. Finally, Fisher Asset Management LLC increased its stake in Chevron by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after buying an additional 410,460 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CVX. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research report on Tuesday, May 6th. BNP Paribas downgraded Chevron to a “cautious” rating in a report on Tuesday, April 15th. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $160.00 to $143.00 in a report on Friday, April 11th. TD Cowen cut their price target on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Finally, Wells Fargo & Company cut their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $160.24.

Chevron Stock Performance

Shares of CVX opened at $146.07 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market cap of $255.09 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company’s 50 day simple moving average is $138.72 and its 200-day simple moving average is $148.91. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period last year, the firm posted $2.93 EPS. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, equities analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend payout ratio is currently 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.