Redwood Investment Management LLC Trims Holdings in Chevron Co. (NYSE:CVX)

Redwood Investment Management LLC decreased its holdings in Chevron Co. (NYSE:CVX) by 8.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,603 shares of the oil and gas company’s stock after selling 1,234 shares during the quarter. Redwood Investment Management LLC’s holdings in Chevron were worth $1,825,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allianz SE purchased a new stake in Chevron in the 4th quarter valued at $9,369,000. Nicholas Company Inc. raised its position in Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock worth $11,591,000 after buying an additional 3,280 shares during the last quarter. Applied Finance Capital Management LLC raised its position in Chevron by 1.6% during the 4th quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock worth $26,044,000 after buying an additional 2,755 shares during the last quarter. Cerity Partners LLC raised its position in Chevron by 4.5% during the 4th quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock worth $174,817,000 after buying an additional 52,307 shares during the last quarter. Finally, Wedbush Securities Inc. raised its position in Chevron by 6.8% during the 4th quarter. Wedbush Securities Inc. now owns 118,066 shares of the oil and gas company’s stock worth $17,101,000 after buying an additional 7,557 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CVX shares. Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Mizuho cut their price objective on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research report on Tuesday. TD Cowen cut their price objective on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Stock Performance

NYSE:CVX opened at $142.14 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $146.89 and a two-hundred day moving average price of $151.81. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a market capitalization of $248.23 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its 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 8.71% and a return on equity of 11.44%. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period last year, the firm posted $2.93 EPS. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. The ex-dividend date is Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.81%. Chevron’s dividend payout ratio is currently 78.17%.

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.