CCM Investment Advisers LLC Has $12.11 Million Position in Chevron Co. (NYSE:CVX)

CCM Investment Advisers LLC trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 13.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,360 shares of the oil and gas company’s stock after selling 11,500 shares during the period. CCM Investment Advisers LLC’s holdings in Chevron were worth $12,105,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Everhart Financial Group Inc. increased its holdings in Chevron by 22.3% during the first quarter. Everhart Financial Group Inc. now owns 10,859 shares of the oil and gas company’s stock worth $1,817,000 after buying an additional 1,983 shares during the last quarter. Smithbridge Asset Management Inc. DE bought a new position in shares of Chevron in the 1st quarter valued at about $962,000. Donald L. Hagan LLC increased its stake in shares of Chevron by 3.5% during the 1st quarter. Donald L. Hagan LLC now owns 6,485 shares of the oil and gas company’s stock worth $1,085,000 after purchasing an additional 218 shares during the last quarter. Relyea Zuckerberg Hanson LLC raised its holdings in shares of Chevron by 6.2% in the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 5,692 shares of the oil and gas company’s stock valued at $952,000 after purchasing an additional 333 shares during the period. Finally, Paragon Capital Management Ltd lifted its stake in Chevron by 81.5% in the 1st quarter. Paragon Capital Management Ltd now owns 4,615 shares of the oil and gas company’s stock valued at $772,000 after purchasing an additional 2,072 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of NYSE CVX opened at $144.90 on Friday. The business has a fifty day moving average price of $138.35 and a two-hundred day moving average price of $149.32. The stock has a market capitalization of $253.05 billion, a PE ratio of 14.91, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. Chevron’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.93 earnings per share. As a group, equities analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors 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 4.72%. Chevron’s dividend payout ratio is 78.17%.

Analysts Set New Price Targets

CVX has been the topic of a number of recent analyst reports. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Piper Sandler decreased their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. DZ Bank lowered shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research report on Tuesday, May 6th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $160.24.

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.