Trajan Wealth LLC Lowers Stock Position in Chevron Corporation (NYSE:CVX)

Trajan Wealth LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 2.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,643 shares of the oil and gas company’s stock after selling 924 shares during the period. Trajan Wealth LLC’s holdings in Chevron were worth $5,461,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Taylor Hoffman Capital Management LLC lifted its holdings in shares of Chevron by 10.2% during the first quarter. Taylor Hoffman Capital Management LLC now owns 2,912 shares of the oil and gas company’s stock worth $491,000 after purchasing an additional 270 shares during the period. Delos Wealth Advisors LLC lifted its holdings in shares of Chevron by 8.8% during the first quarter. Delos Wealth Advisors LLC now owns 2,565 shares of the oil and gas company’s stock worth $429,000 after purchasing an additional 208 shares during the period. Peak Financial Management Inc. acquired a new stake in shares of Chevron during the first quarter worth $204,000. Capital Planning Advisors LLC lifted its holdings in shares of Chevron by 6.9% during the first quarter. Capital Planning Advisors LLC now owns 28,990 shares of the oil and gas company’s stock worth $4,850,000 after purchasing an additional 1,876 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Chevron by 3.1% during the first quarter. Public Sector Pension Investment Board now owns 446,893 shares of the oil and gas company’s stock worth $74,761,000 after purchasing an additional 13,243 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Down 1.0%

Chevron stock opened at $153.53 on Tuesday. The stock has a market cap of $265.30 billion, a PE ratio of 19.76, a P/E/G ratio of 2.32 and a beta of 0.87. The stock has a 50-day moving average price of $148.77 and a 200 day moving average price of $148.51. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.55 EPS. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CVX. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Piper Sandler reissued an “overweight” rating on shares of Chevron in a report on Tuesday, July 15th. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and reduced their target price for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Wells Fargo & Company reissued an “overweight” rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Finally, DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $164.11.

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.