Simmons Bank Cuts Position in Chevron Corporation (NYSE:CVX)

Simmons Bank cut its stake in Chevron Corporation (NYSE:CVX) by 2.9% in the 1st quarter, Holdings Channel reports. The fund owned 80,754 shares of the oil and gas company’s stock after selling 2,380 shares during the quarter. Chevron comprises about 1.0% of Simmons Bank’s holdings, making the stock its 20th largest position. Simmons Bank’s holdings in Chevron were worth $13,509,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. IMG Wealth Management Inc. purchased a new stake in Chevron during the fourth quarter valued at about $25,000. Life Planning Partners Inc purchased a new stake in Chevron during the fourth quarter valued at about $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron during the fourth quarter valued at about $29,000. 10Elms LLP purchased a new stake in Chevron during the fourth quarter valued at about $29,000. Finally, Fairway Wealth LLC boosted its position in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Chevron stock opened at $148.23 on Friday. The stock’s 50 day simple moving average is $141.16 and its two-hundred day simple moving average is $148.07. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a market cap of $258.86 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 2.51 and a beta of 0.83. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business’s revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.93 EPS. As a group, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.61%. Chevron’s dividend payout ratio is currently 78.17%.

Analysts Set New Price Targets

Several research firms have issued reports on CVX. Piper Sandler upped their price target on shares of Chevron from $162.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday. UBS Group cut their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. DZ Bank lowered shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a research report on Tuesday, May 6th. Redburn Atlantic reiterated a “sell” rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Finally, Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $160.41.

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.