Hartford Financial Management Inc. Cuts Stock Holdings in Chevron Corporation (NYSE:CVX)

Hartford Financial Management Inc. decreased its position in Chevron Corporation (NYSE:CVX) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,750 shares of the oil and gas company’s stock after selling 480 shares during the quarter. Chevron makes up approximately 1.3% of Hartford Financial Management Inc.’s portfolio, making the stock its 17th largest position. Hartford Financial Management Inc.’s holdings in Chevron were worth $6,148,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. IMG Wealth Management Inc. bought a new stake in Chevron in the 4th quarter worth about $25,000. Life Planning Partners Inc purchased a new position in shares of Chevron in the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Chevron in the 4th quarter worth approximately $29,000. 10Elms LLP bought a new position in shares of Chevron in the fourth quarter valued at approximately $29,000. Finally, Fairway Wealth LLC increased its position 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 acquiring an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CVX shares. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Wells Fargo & Company lowered their price objective on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. Finally, HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and dropped their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. 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 stock. Based on data from MarketBeat, Chevron presently has an average rating of “Hold” and an average target price of $160.24.

Chevron Stock Down 0.4%

Chevron stock opened at $148.18 on Thursday. The firm has a 50 day simple moving average of $138.82 and a 200 day simple moving average of $148.90. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market capitalization of $258.78 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 2.61 and a beta of 0.83.

Chevron (NYSE:CVX) last announced its quarterly earnings results 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. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same period in the previous year, the business earned $2.93 earnings per share. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders 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 yield of 4.62%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is presently 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.