Starfire Investment Advisers Inc. decreased its position in shares of Chevron Co. (NYSE:CVX) by 8.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,214 shares of the oil and gas company’s stock after selling 312 shares during the quarter. Starfire Investment Advisers Inc.’s holdings in Chevron were worth $286,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in CVX. Sailer Financial LLC purchased a new position in Chevron during the fourth quarter valued at approximately $25,000. Filbrandt Wealth Management LLC purchased a new position in Chevron during the fourth quarter valued at approximately $25,000. Corbenic Partners LLC raised its position in Chevron by 276.0% during the first quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 265 shares in the last quarter. Advocacy Wealth Management Services LLC raised its position in Chevron by 84.2% during the first quarter. Advocacy Wealth Management Services LLC now owns 396 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 181 shares in the last quarter. Finally, PARK CIRCLE Co purchased a new position in Chevron during the first quarter valued at approximately $36,000. Institutional investors own 64.86% of the company’s stock.
CVX has been the subject of several recent research reports. Royal Bank of Canada cut Chevron from a “sector perform” rating to an “underperform” rating and set a $100.00 price target for the company. in a research report on Wednesday, June 10th. Goldman Sachs Group cut Chevron from a “conviction-buy” rating to a “buy” rating in a research report on Monday, May 4th. cut Chevron from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 9th. Raymond James cut their price objective on Chevron from $125.00 to $105.00 and set an “outperform” rating for the company in a research report on Tuesday, March 17th. Finally, Wells Fargo & Co boosted their price objective on Chevron from $107.00 to $111.00 and gave the company an “overweight” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Chevron presently has a consensus rating of “Buy” and a consensus price target of $112.55.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $1.29. The company had revenue of $31.50 billion for the quarter, compared to analyst estimates of $30.46 billion. Chevron had a return on equity of 8.28% and a net margin of 2.71%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.47 earnings per share. Equities research analysts forecast that Chevron Co. will post 0.27 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.29 dividend. This represents a $5.16 annualized dividend and a dividend yield of 6.18%. The ex-dividend date of this dividend was Monday, May 18th. Chevron’s dividend payout ratio (DPR) is presently 82.30%.
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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