Princeton Capital Management LLC Reduces Stake in Chevron Co. (NYSE:CVX)

Princeton Capital Management LLC lowered its holdings in Chevron Co. (NYSE:CVX) by 5.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,770 shares of the oil and gas company’s stock after selling 170 shares during the quarter. Princeton Capital Management LLC’s holdings in Chevron were worth $290,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Chevron by 4.1% in the 1st quarter. BlackRock Inc. now owns 132,016,229 shares of the oil and gas company’s stock valued at $13,833,978,000 after acquiring an additional 5,193,990 shares during the last quarter. Norges Bank purchased a new position in shares of Chevron in the 4th quarter valued at about $1,787,982,000. Morgan Stanley grew its stake in Chevron by 6.4% during the 4th quarter. Morgan Stanley now owns 19,122,688 shares of the oil and gas company’s stock worth $1,614,912,000 after buying an additional 1,158,022 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 13,874,091 shares of the oil and gas company’s stock worth $1,171,665,000 after buying an additional 368,897 shares during the last quarter. Finally, FMR LLC grew its stake in Chevron by 1.0% during the 4th quarter. FMR LLC now owns 9,158,037 shares of the oil and gas company’s stock worth $773,397,000 after buying an additional 93,672 shares during the last quarter. Institutional investors and hedge funds own 66.03% of the company’s stock.

Shares of CVX traded down $0.20 during mid-day trading on Friday, hitting $108.21. The company’s stock had a trading volume of 379,070 shares, compared to its average volume of 10,596,347. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 0.90. The business has a 50-day moving average of $105.26. The stock has a market capitalization of $208.64 billion, a price-to-earnings ratio of -26.00, a P/E/G ratio of 3.99 and a beta of 1.31. Chevron Co. has a 1-year low of $65.16 and a 1-year high of $113.11.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Thursday, April 29th. The oil and gas company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.02). The firm had revenue of $32.03 billion for the quarter, compared to analyst estimates of $31.82 billion. Chevron had a negative return on equity of 0.82% and a negative net margin of 8.15%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.29 earnings per share. Sell-side analysts anticipate that Chevron Co. will post 5.4 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 10th. Investors of record on Wednesday, May 19th were issued a dividend of $1.34 per share. The ex-dividend date was Tuesday, May 18th. This is a boost from Chevron’s previous quarterly dividend of $1.29. This represents a $5.36 annualized dividend and a yield of 4.95%. Chevron’s payout ratio is currently -2,680.00%.

CVX has been the topic of a number of research reports. Citigroup initiated coverage on Chevron in a research note on Wednesday, March 10th. They set a “neutral” rating and a $105.00 price target on the stock. Evercore ISI raised their price target on Chevron from $98.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 17th. Argus raised their price target on Chevron from $108.00 to $127.00 and gave the stock a “buy” rating in a research note on Wednesday, May 12th. Morgan Stanley raised their price target on Chevron from $113.00 to $127.00 and gave the stock an “overweight” rating in a research note on Thursday, March 11th. Finally, DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $124.00 price objective for the company in a research report on Thursday, March 11th. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Chevron currently has a consensus rating of “Buy” and a consensus target price of $113.92.

In related news, Director Enrique Hernandez, Jr. sold 5,101 shares of Chevron stock in a transaction on Monday, May 10th. The stock was sold at an average price of $110.79, for a total transaction of $565,139.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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