Federated Hermes Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 5.5% in the first quarter, Holdings Channel reports. The fund owned 5,606,463 shares of the oil and gas company’s stock after selling 326,152 shares during the quarter. Chevron accounts for approximately 1.2% of Federated Hermes Inc.’s investment portfolio, making the stock its 11th largest holding. Federated Hermes Inc.’s holdings in Chevron were worth $406,245,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CVX. Parkside Financial Bank & Trust lifted its holdings in shares of Chevron by 72.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 17,349 shares of the oil and gas company’s stock worth $2,091,000 after acquiring an additional 7,281 shares during the last quarter. Cairn Investment Group Inc. acquired a new position in shares of Chevron in the fourth quarter valued at approximately $2,001,000. Ayrshire Capital Management LLC acquired a new position in shares of Chevron in the fourth quarter valued at approximately $227,000. CFM Wealth Partners LLC acquired a new position in shares of Chevron in the fourth quarter valued at approximately $1,914,000. Finally, CCG Wealth Management LLC acquired a new position in shares of Chevron in the fourth quarter valued at approximately $285,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

Several research firms have recently issued reports on CVX. Citigroup lowered their price objective on Chevron from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Wednesday, March 4th. Wells Fargo & Co upped their price objective on Chevron from $107.00 to $111.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. ValuEngine downgraded Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Argus reaffirmed a “buy” rating and issued a $88.00 price objective (down previously from $150.00) on shares of Chevron in a research note on Thursday, March 26th. Finally, Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a research report on Tuesday, May 26th. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Chevron presently has an average rating of “Buy” and a consensus price target of $112.27.

Shares of Chevron stock traded up $2.68 during trading hours on Wednesday, hitting $97.37. 6,242,430 shares of the company’s stock traded hands, compared to its average volume of 9,491,539. Chevron Co. has a 12-month low of $51.60 and a 12-month high of $127.00. The stock has a market capitalization of $173.24 billion, a price-to-earnings ratio of 47.40 and a beta of 1.30. The company has a fifty day simple moving average of $89.51 and a 200-day simple moving average of $100.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.01 and a quick ratio of 0.78.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $1.29. Chevron had a return on equity of 8.28% and a net margin of 2.71%. The firm had revenue of $31.50 billion during the quarter, compared to analyst estimates of $30.46 billion. During the same period last year, the firm posted $1.47 EPS. The business’s revenue was down 10.5% compared to the same quarter last year. On average, analysts forecast that Chevron Co. will post -0.03 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be given a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a dividend yield of 5.30%. The ex-dividend date is Monday, May 18th. Chevron’s dividend payout ratio is presently 82.30%.

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: Net Income

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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