Foster Dykema Cabot & Partners LLC Has $122,000 Position in Chevron Corporation (NYSE:CVX)

Foster Dykema Cabot & Partners LLC cut its stake in Chevron Corporation (NYSE:CVX) by 46.6% in the first quarter, HoldingsChannel.com reports. The fund owned 732 shares of the oil and gas company’s stock after selling 640 shares during the period. Foster Dykema Cabot & Partners LLC’s holdings in Chevron were worth $122,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CVX. Chicago Partners Investment Group LLC grew its holdings in Chevron by 7.3% during the first quarter. Chicago Partners Investment Group LLC now owns 18,884 shares of the oil and gas company’s stock valued at $3,159,000 after purchasing an additional 1,289 shares during the period. Commonwealth Financial Services LLC raised its holdings in Chevron by 15.8% in the first quarter. Commonwealth Financial Services LLC now owns 4,424 shares of the oil and gas company’s stock worth $740,000 after purchasing an additional 603 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after purchasing an additional 1,574,464 shares in the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Chevron by 1.5% in the 1st quarter. Citizens Financial Group Inc. RI now owns 62,487 shares of the oil and gas company’s stock valued at $10,453,000 after buying an additional 929 shares during the period. Finally, Schnieders Capital Management LLC increased its position in shares of Chevron by 3.8% in the 1st quarter. Schnieders Capital Management LLC now owns 46,625 shares of the oil and gas company’s stock valued at $7,800,000 after buying an additional 1,720 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVX has been the topic of several recent analyst reports. Scotiabank reiterated a “sector perform” rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. HSBC cut Chevron from a “buy” rating to a “hold” rating and cut their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Piper Sandler restated an “overweight” rating on shares of Chevron in a report on Tuesday, July 15th. Finally, Morgan Stanley began coverage on shares of Chevron in a report on Monday. They issued an “overweight” rating and a $174.00 price target for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $164.11.

Chevron Stock Down 0.1%

Shares of CVX stock opened at $152.82 on Thursday. 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 firm’s fifty day moving average price is $147.78 and its two-hundred day moving average price is $148.71. The firm has a market capitalization of $266.89 billion, a P/E ratio of 19.67, a PEG ratio of 2.29 and a beta of 0.87. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.80%. The business had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. During the same period last year, the business earned $2.55 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. On average, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date is Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is 88.03%.

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.