Bleakley Financial Group LLC Has $10.39 Million Stake in Chevron Corporation (NYSE:CVX)

Bleakley Financial Group LLC trimmed its stake in Chevron Corporation (NYSE:CVX) by 0.9% in the first quarter, HoldingsChannel.com reports. The firm owned 62,080 shares of the oil and gas company’s stock after selling 549 shares during the period. Bleakley Financial Group LLC’s holdings in Chevron were worth $10,385,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. MTM Investment Management LLC grew its holdings in Chevron by 3.7% during the 1st quarter. MTM Investment Management LLC now owns 29,381 shares of the oil and gas company’s stock worth $4,951,000 after acquiring an additional 1,060 shares during the period. Weatherly Asset Management L. P. grew its holdings in Chevron by 0.6% during the 1st quarter. Weatherly Asset Management L. P. now owns 23,461 shares of the oil and gas company’s stock worth $3,925,000 after acquiring an additional 145 shares during the period. Zullo Investment Group Inc. grew its holdings in Chevron by 5.9% during the 1st quarter. Zullo Investment Group Inc. now owns 5,385 shares of the oil and gas company’s stock worth $901,000 after acquiring an additional 302 shares during the period. Whitener Capital Management Inc. grew its holdings in Chevron by 6.8% during the 1st quarter. Whitener Capital Management Inc. now owns 23,032 shares of the oil and gas company’s stock worth $3,853,000 after acquiring an additional 1,463 shares during the period. Finally, Prudent Man Advisors LLC grew its holdings in Chevron by 2.4% during the 1st quarter. Prudent Man Advisors LLC now owns 7,260 shares of the oil and gas company’s stock worth $1,215,000 after acquiring an additional 168 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of NYSE CVX opened at $155.38 on Monday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market cap of $271.35 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 2.63 and a beta of 0.83. 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 firm’s 50-day simple moving average is $142.62 and its 200 day simple moving average is $148.47.

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 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 analysts’ expectations of $49.05 billion. During the same quarter last year, the firm earned $2.93 EPS. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.40%. Chevron’s payout ratio is 78.17%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CVX. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and decreased their price target for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Redburn Atlantic reissued a “sell” rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Piper Sandler increased their price objective on shares of Chevron from $162.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 2nd. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Finally, BNP Paribas cut shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $161.65.

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.