Triangle Securities Wealth Management cut its stake in shares of Chevron Co. (NYSE:CVX) by 3.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,826 shares of the oil and gas company’s stock after selling 548 shares during the period. Triangle Securities Wealth Management’s holdings in Chevron were worth $1,484,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC increased its stake in Chevron by 0.5% in the third quarter. Chicago Partners Investment Group LLC now owns 1,653 shares of the oil and gas company’s stock valued at $170,000 after buying an additional 9 shares during the period. Board of Trustees of The Leland Stanford Junior University increased its stake in Chevron by 0.5% in the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 2,009 shares of the oil and gas company’s stock valued at $236,000 after buying an additional 9 shares during the period. Alpha Windward LLC increased its stake in Chevron by 0.5% in the third quarter. Alpha Windward LLC now owns 2,728 shares of the oil and gas company’s stock valued at $281,000 after buying an additional 13 shares during the period. Orgel Wealth Management LLC increased its stake in Chevron by 1.3% in the third quarter. Orgel Wealth Management LLC now owns 2,590 shares of the oil and gas company’s stock worth $267,000 after buying an additional 32 shares during the last quarter. Finally, Private Management Group Inc. increased its stake in Chevron by 2.2% in the third quarter. Private Management Group Inc. now owns 2,273 shares of the oil and gas company’s stock worth $234,000 after buying an additional 49 shares during the last quarter. Institutional investors and hedge funds own 62.50% of the company’s stock.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, April 28th. The oil and gas company reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.56. Chevron had a negative net margin of 0.43% and a positive return on equity of 1.26%. The firm had revenue of $33.42 billion during the quarter, compared to the consensus estimate of $34.05 billion. During the same quarter last year, the firm earned ($0.39) EPS. The firm’s revenue for the quarter was up 42.0% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Friday, May 19th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend is Wednesday, May 17th. Chevron’s payout ratio is -1,600.00%.
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A number of research firms have recently weighed in on CVX. TheStreet downgraded Chevron from a “b-” rating to a “c” rating in a research report on Friday, February 3rd. Simmons dropped their price objective on Chevron from $129.00 to $124.00 and set an “overweight” rating for the company in a research report on Wednesday, April 19th. Jefferies Group LLC restated a “buy” rating and set a $147.00 price objective on shares of Chevron in a research report on Wednesday, March 8th. Evercore ISI restated an “underweight” rating on shares of Chevron in a research report on Monday, February 27th. Finally, Credit Suisse Group AG restated a “hold” rating on shares of Chevron in a research report on Friday, March 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $121.03.
Chevron Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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