Wambolt & Associates LLC Trims Stock Holdings in Chevron Corporation (NYSE:CVX)

Wambolt & Associates LLC reduced its holdings in shares of Chevron Corporation (NYSE:CVX) by 0.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 9,800 shares of the oil and gas company’s stock after selling 90 shares during the quarter. Wambolt & Associates LLC’s holdings in Chevron were worth $1,651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. AlphaCore Capital LLC raised its holdings in Chevron by 11.9% during the 1st quarter. AlphaCore Capital LLC now owns 22,184 shares of the oil and gas company’s stock valued at $3,711,000 after acquiring an additional 2,354 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Chevron by 10.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,339,656 shares of the oil and gas company’s stock worth $558,691,000 after acquiring an additional 305,667 shares during the period. WealthPLAN Partners LLC grew its position in shares of Chevron by 1.9% in the first quarter. WealthPLAN Partners LLC now owns 36,726 shares of the oil and gas company’s stock valued at $6,144,000 after purchasing an additional 696 shares in the last quarter. Accuvest Global Advisors bought a new stake in shares of Chevron during the 1st quarter valued at $590,000. Finally, WealthPlan Investment Management LLC raised its stake in shares of Chevron by 7.1% during the 1st quarter. WealthPlan Investment Management LLC now owns 81,610 shares of the oil and gas company’s stock valued at $13,652,000 after purchasing an additional 5,392 shares during the period. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. Scotiabank reaffirmed a “sector perform” rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. 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, May 13th. TD Cowen upped their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday. Barclays reiterated an “equal weight” rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Piper Sandler restated an “overweight” rating on shares of Chevron in a research report on Tuesday, July 15th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $164.11.

Chevron Trading Up 0.2%

CVX stock opened at $153.11 on Friday. The company has a market capitalization of $267.40 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company’s 50 day moving average price is $148.08 and its two-hundred day moving average price is $148.65.

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

Chevron Dividend Announcement

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

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.