Mesirow Financial Investment Management Inc. Decreases Stake in Chevron Corporation (NYSE:CVX)

Mesirow Financial Investment Management Inc. cut its stake in shares of Chevron Corporation (NYSE:CVX) by 0.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 204,153 shares of the oil and gas company’s stock after selling 785 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in Chevron were worth $34,152,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after purchasing an additional 392,916 shares in the last quarter. Northern Trust Corp raised its holdings in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after purchasing an additional 1,394,091 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Chevron by 1.3% during the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company’s stock worth $2,421,564,000 after buying an additional 211,023 shares during the last quarter. Invesco Ltd. lifted its position in shares of Chevron by 6.9% during the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company’s stock worth $2,176,579,000 after buying an additional 964,426 shares during the last quarter. Finally, Capital World Investors boosted its holdings in shares of Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock valued at $2,039,288,000 after buying an additional 1,440,808 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on CVX. TD Cowen cut their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price on the stock. in a research report on Tuesday, May 6th. UBS Group reduced their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $162.13.

Chevron Stock Up 0.6%

Chevron stock opened at $157.15 on Wednesday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The stock’s 50 day moving average price is $145.88 and its 200 day moving average price is $148.89. The company has a market cap of $274.44 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the company posted $2.93 EPS. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.35%. Chevron’s payout ratio is 78.17%.

Chevron Company 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.