Cottage Street Advisors LLC Lowers Stake in Chevron Corporation (NYSE:CVX)

Cottage Street Advisors LLC lowered its position in shares of Chevron Corporation (NYSE:CVX) by 1.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,411 shares of the oil and gas company’s stock after selling 336 shares during the quarter. Chevron accounts for about 1.8% of Cottage Street Advisors LLC’s investment portfolio, making the stock its 17th largest position. Cottage Street Advisors LLC’s holdings in Chevron were worth $3,749,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in CVX. Parkside Financial Bank & Trust lifted its stake in Chevron by 0.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock valued at $2,207,000 after buying an additional 66 shares during the last quarter. Berkeley Capital Partners LLC lifted its stake in Chevron by 0.4% in the fourth quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company’s stock valued at $2,572,000 after buying an additional 67 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its stake in Chevron by 6.1% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 1,184 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 68 shares during the last quarter. Acorn Wealth Advisors LLC raised its stake in shares of Chevron by 3.4% during the fourth quarter. Acorn Wealth Advisors LLC now owns 2,092 shares of the oil and gas company’s stock worth $303,000 after purchasing an additional 69 shares during the last quarter. Finally, Wealthstream Advisors Inc. raised its stake in shares of Chevron by 4.4% during the fourth quarter. Wealthstream Advisors Inc. now owns 1,664 shares of the oil and gas company’s stock worth $241,000 after purchasing an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CVX shares. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. UBS Group cut their price target on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. HSBC cut Chevron from a “buy” rating to a “hold” rating and cut their price target for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. 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, Wells Fargo & Company cut their price target on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $160.24.

Chevron Stock Performance

Chevron stock opened at $149.36 on Friday. The company has a market cap of $260.84 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 2.60 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock’s 50-day moving average is $139.37 and its 200-day moving average is $148.72.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued 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 4.58%. Chevron’s payout ratio is currently 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.