Park Place Capital Corp Trims Holdings in Chevron Co. (NYSE:CVX)

Park Place Capital Corp cut its stake in shares of Chevron Co. (NYSE:CVX) by 16.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,037 shares of the oil and gas company’s stock after selling 1,624 shares during the quarter. Park Place Capital Corp’s holdings in Chevron were worth $1,268,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bare Financial Services Inc purchased a new stake in shares of Chevron during the 4th quarter worth approximately $27,000. Frank Rimerman Advisors LLC purchased a new stake in Chevron in the 4th quarter valued at about $30,000. Valued Wealth Advisors LLC acquired a new position in Chevron during the fourth quarter worth approximately $33,000. Cooksen Wealth LLC purchased a new position in Chevron during the fourth quarter worth approximately $40,000. Finally, Clear Investment Research LLC boosted its holdings in shares of Chevron by 264.9% in the 4th quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 204 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $156.52 on Tuesday. The stock has a market capitalization of $288.46 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 2.38 and a beta of 1.10. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The company’s 50-day simple moving average is $159.22 and its 200-day simple moving average is $154.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.84 by $0.09. The company had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The business’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.55 EPS. Equities analysts anticipate that Chevron Co. will post 13.15 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were issued a $1.63 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.17%. Chevron’s dividend payout ratio is currently 59.98%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CVX shares. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Truist Financial raised their price objective on Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a report on Friday, May 10th. Piper Sandler boosted their target price on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. HSBC lifted their price target on shares of Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Finally, TD Cowen increased their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $186.95.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the transaction, the director now owns 27,725 shares in the company, valued at approximately $4,581,279. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the sale, the vice president now owns 477 shares in the company, valued at approximately $76,429.71. The disclosure for this sale can be found here. Insiders sold a total of 16,746 shares of company stock worth $2,727,971 over the last ninety days. Company insiders own 0.20% of the company’s stock.

Chevron Company 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.