Acorn Wealth Advisors LLC Decreases Holdings in Chevron Corporation (NYSE:CVX)

Acorn Wealth Advisors LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 4.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,989 shares of the oil and gas company’s stock after selling 103 shares during the period. Acorn Wealth Advisors LLC’s holdings in Chevron were worth $333,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new stake in shares of Chevron in the 4th quarter worth $25,000. Life Planning Partners Inc purchased a new stake in shares of Chevron in the 4th quarter worth $25,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Chevron in the 4th quarter worth $29,000. 10Elms LLP purchased a new stake in shares of Chevron in the 4th quarter worth $29,000. Finally, Navigoe LLC purchased a new stake in shares of Chevron in the 4th quarter worth $33,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVX. Scotiabank increased their price target on Chevron from $143.00 to $160.00 and gave the stock a “sector perform” rating in a research note on Friday. BNP Paribas lowered Chevron to a “cautious” rating in a research note on Tuesday, April 15th. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a research note on Tuesday, May 6th. Mizuho cut their price target on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Finally, TD Cowen cut their price target on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note 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 company’s stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $161.65.

Chevron Trading Up 0.8%

CVX opened at $155.38 on Friday. The firm has a market cap of $271.35 billion, a P/E ratio of 17.76, a P/E/G ratio of 2.61 and a beta of 0.83. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $142.62 and a 200 day moving average of $148.41.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm’s revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the business posted $2.93 earnings per share. As a group, research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm 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 dividend yield of 4.40%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Chevron 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.