Cubist Systematic Strategies LLC Sells 65,996 Shares of Chevron Co. (NYSE:CVX)

Cubist Systematic Strategies LLC decreased its stake in Chevron Co. (NYSE:CVX) by 47.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 74,489 shares of the oil and gas company’s stock after selling 65,996 shares during the period. Cubist Systematic Strategies LLC’s holdings in Chevron were worth $7,806,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CVX. Alpha DNA Investment Management LLC acquired a new stake in shares of Chevron in the fourth quarter valued at about $31,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Chevron in the first quarter valued at about $31,000. Total Clarity Wealth Management Inc. acquired a new stake in shares of Chevron in the first quarter valued at about $34,000. Encompass Wealth Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter valued at about $40,000. Finally, TRU Independence Asset Management 2 LLC acquired a new stake in shares of Chevron in the fourth quarter valued at about $40,000. 65.94% of the stock is owned by institutional investors.

Shares of Chevron stock opened at $99.82 on Thursday. The stock’s fifty day simple moving average is $105.15. The company has a market capitalization of $192.46 billion, a price-to-earnings ratio of -23.94, a P/E/G ratio of 3.21 and a beta of 1.32. Chevron Co. has a 12 month low of $65.16 and a 12 month high of $113.11. The company has a quick ratio of 0.90, a current ratio of 1.11 and a debt-to-equity ratio of 0.31.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Thursday, April 29th. The oil and gas company reported $0.90 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.02). The business had revenue of $32.03 billion for the quarter, compared to the consensus estimate 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 was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 earnings per share. On average, research analysts anticipate that Chevron Co. will post 6.02 EPS for the current fiscal year.

The firm also recently declared 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. This is a positive change from Chevron’s previous quarterly dividend of $1.29. This represents a $5.36 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date of this dividend was Tuesday, May 18th. Chevron’s dividend payout ratio (DPR) is -2,680.00%.

In other Chevron news, Director Enrique Hernandez, Jr. sold 5,101 shares of the firm’s stock in a transaction on Monday, May 10th. The stock was sold at an average price of $110.79, for a total value of $565,139.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.28% of the company’s stock.

CVX has been the subject of several recent research reports. Argus increased their price target on Chevron from $108.00 to $127.00 and gave the company a “buy” rating in a research note on Wednesday, May 12th. Truist raised their target price on Chevron from $130.00 to $144.00 and gave the stock a “buy” rating in a research note on Thursday, July 1st. They noted that the move was a valuation call. Wells Fargo & Company raised their target price on Chevron from $110.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 30th. Piper Sandler raised their target price on Chevron from $113.00 to $126.00 and gave the stock an “overweight” rating in a research note on Thursday, April 1st. Finally, HSBC cut Chevron from a “buy” rating to a “hold” rating and decreased their target price for the stock from $127.00 to $112.00 in a research note on Thursday. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Chevron has a consensus rating of “Buy” and a consensus target price of $117.21.

About Chevron

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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