Meridian Wealth Management LLC cut its stake in Chevron Co. (NYSE:CVX) by 21.6% in the first quarter, HoldingsChannel.com reports. The fund owned 7,954 shares of the oil and gas company’s stock after selling 2,196 shares during the period. Meridian Wealth Management LLC’s holdings in Chevron were worth $980,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently made changes to their positions in CVX. CKW Financial Group lifted its holdings in Chevron by 123.5% in the fourth quarter. CKW Financial Group now owns 362 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 200 shares during the period. Highwater Wealth Management LLC acquired a new position in Chevron in the fourth quarter valued at approximately $51,000. Ironwood Financial llc lifted its holdings in Chevron by 94.2% in the fourth quarter. Ironwood Financial llc now owns 538 shares of the oil and gas company’s stock valued at $59,000 after acquiring an additional 261 shares during the period. Thor Advisors LLC acquired a new position in Chevron in the first quarter valued at approximately $67,000. Finally, Tributary Capital Management LLC acquired a new position in Chevron in the fourth quarter valued at approximately $84,000. 65.44% of the stock is owned by institutional investors.
Shares of CVX traded down $0.10 during trading hours on Friday, hitting $120.81. 3,366,761 shares of the stock were exchanged, compared to its average volume of 5,737,168. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.90 and a current ratio of 1.12. Chevron Co. has a 12-month low of $100.22 and a 12-month high of $128.55. The stock has a market capitalization of $230.11 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 2.44 and a beta of 0.98.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.26 by $0.13. Chevron had a return on equity of 9.07% and a net margin of 8.45%. The firm had revenue of $35.20 billion during the quarter, compared to analysts’ expectations of $38.42 billion. During the same period in the previous year, the business earned $1.90 earnings per share. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, analysts predict that Chevron Co. will post 7.9 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s payout ratio is 57.70%.
In related news, insider James William Johnson sold 4,750 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $125.60, for a total transaction of $596,600.00. Following the completion of the sale, the insider now directly owns 4,750 shares in the company, valued at $596,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Enrique Hernandez, Jr. sold 4,200 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $122.13, for a total value of $512,946.00. Following the sale, the director now owns 15,689 shares of the company’s stock, valued at $1,916,097.57. The disclosure for this sale can be found here. Insiders have sold 11,050 shares of company stock valued at $1,365,221 over the last quarter. 0.31% of the stock is owned by company insiders.
A number of research analysts have issued reports on the company. Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $132.00 price target for the company in a report on Monday, April 29th. Cowen restated a “buy” rating and issued a $142.00 price objective on shares of Chevron in a research report on Wednesday, April 17th. Morgan Stanley cut their price objective on Chevron from $150.00 to $149.00 and set an “overweight” rating for the company in a research report on Thursday, May 16th. Barclays boosted their price objective on Chevron from $140.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Finally, Citigroup boosted their price objective on Chevron from $135.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Chevron has a consensus rating of “Buy” and an average target price of $135.42.
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Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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