Sequoia Financial Advisors LLC Decreases Stock Position in Chevron Co. (NYSE:CVX)

Sequoia Financial Advisors LLC cut its holdings in Chevron Co. (NYSE:CVX) by 21.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 12,729 shares of the oil and gas company’s stock after selling 3,460 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Chevron were worth $922,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Sailer Financial LLC purchased a new stake in Chevron in the fourth quarter valued at about $25,000. Filbrandt Wealth Management LLC purchased a new position in shares of Chevron in the fourth quarter worth about $25,000. Roffman Miller Associates Inc. PA purchased a new position in shares of Chevron in the fourth quarter worth about $27,000. CBIZ Investment Advisory Services LLC purchased a new position in shares of Chevron in the fourth quarter worth about $33,000. Finally, Corbenic Partners LLC raised its stake in shares of Chevron by 276.0% in the first quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 265 shares during the last quarter. Institutional investors own 66.54% of the company’s stock.

CVX traded down $1.76 during trading on Friday, hitting $90.28. The company’s stock had a trading volume of 8,560,331 shares, compared to its average volume of 10,544,008. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 0.16. Chevron Co. has a twelve month low of $51.60 and a twelve month high of $127.00. The business’s fifty day simple moving average is $86.77 and its 200 day simple moving average is $102.43. The firm has a market capitalization of $171.84 billion, a price-to-earnings ratio of 44.04 and a beta of 1.31.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $1.29. The firm 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 business’s revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.47 earnings per share. As a group, equities research analysts forecast that Chevron Co. will post -0.39 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a dividend yield of 5.72%. The ex-dividend date of this dividend is Monday, May 18th. Chevron’s dividend payout ratio is presently 82.30%.

Several research analysts have recently issued reports on CVX shares. Jefferies Financial Group restated a “buy” rating and issued a $92.00 price objective on shares of Chevron in a research note on Friday, May 1st. Mizuho reduced their price target on Chevron from $140.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, April 8th. JPMorgan Chase & Co. lifted their price target on Chevron from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, May 4th. Independent Research cut Chevron to a “hold” rating in a research report on Tuesday, April 14th. Finally, ValuEngine cut Chevron from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $113.05.

In other news, Director John Frank purchased 1,000 shares of the stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $96.59 per share, with a total value of $96,590.00. Following the completion of the purchase, the director now directly owns 5,114 shares of the company’s stock, valued at approximately $493,961.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

About Chevron

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.

Further Reading: What does a hold rating mean?

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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