Townsend Asset Management Corp NC ADV Decreases Stock Holdings in Chevron Corporation (NYSE:CVX)

Townsend Asset Management Corp NC ADV lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,293 shares of the oil and gas company’s stock after selling 107 shares during the quarter. Townsend Asset Management Corp NC ADV’s holdings in Chevron were worth $1,053,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Capital & Planning LLC increased its position in Chevron by 15.2% during the fourth quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company’s stock valued at $243,000 after acquiring an additional 222 shares during the last quarter. Eagle Capital Management LLC grew its stake in shares of 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 purchasing an additional 242 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in shares of Chevron during the 4th quarter valued at about $8,947,000. Bank Pictet & Cie Europe AG lifted its stake in shares of Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock worth $5,212,000 after purchasing an additional 2,641 shares during the period. Finally, Strategic Financial Concepts LLC boosted its holdings in shares of Chevron by 212.4% in the fourth quarter. Strategic Financial Concepts LLC now owns 5,352 shares of the oil and gas company’s stock worth $775,000 after buying an additional 3,639 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

CVX opened at $148.18 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a market capitalization of $258.78 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 2.60 and a beta of 0.83. The company has a fifty day moving average of $139.09 and a 200 day moving average of $148.81. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week 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 for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the business posted $2.93 earnings per share. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. 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 78.17%.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research reports. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. HSBC lowered Chevron from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Piper Sandler cut their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Finally, TD Cowen lowered their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.