Pettee Investors Inc. Sells 2,744 Shares of Chevron Corporation (NYSE:CVX)

Pettee Investors Inc. lowered its stake in Chevron Corporation (NYSE:CVX) by 16.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,082 shares of the oil and gas company’s stock after selling 2,744 shares during the quarter. Chevron accounts for approximately 1.4% of Pettee Investors Inc.’s portfolio, making the stock its 24th largest position. Pettee Investors Inc.’s holdings in Chevron were worth $2,356,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Mizuho Securities Co. Ltd. bought a new stake in Chevron during the 4th quarter valued at $29,000. 10Elms LLP bought a new stake in Chevron during the 4th quarter valued at $29,000. IFS Advisors LLC increased its stake in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 116 shares in the last quarter. Navigoe LLC bought a new stake in Chevron during the 4th quarter valued at $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the 1st quarter worth $39,000. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Scotiabank reiterated a “sector perform” rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. BNP Paribas lowered shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Barclays reissued an “equal weight” rating on shares of Chevron in a report on Tuesday. Wells Fargo & Company reissued an “overweight” rating and issued a $165.00 price target (up from $164.00) on shares of Chevron in a report on Thursday, June 26th. Finally, Redburn Atlantic reissued a “sell” rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a report 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’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $161.65.

Chevron Price Performance

CVX stock opened at $149.96 on Thursday. The firm has a 50 day moving average of $143.53 and a 200-day moving average of $148.55. 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 12 month low of $132.04 and a 12 month high of $168.96. The firm has a market capitalization of $261.88 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 2.56 and a beta of 0.83.

Chevron (NYSE:CVX) last announced its earnings results 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 net margin of 7.76% and a return on equity of 10.73%. The business 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 earnings per share. Chevron’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal 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 given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.56%. Chevron’s payout ratio is presently 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.