Calamos Advisors LLC Reduces Stock Position in Chevron Co. (NYSE:CVX)

Calamos Advisors LLC lowered its stake in Chevron Co. (NYSE:CVX) by 8.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 474,702 shares of the oil and gas company’s stock after selling 45,685 shares during the quarter. Calamos Advisors LLC’s holdings in Chevron were worth $74,253,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Pacifica Partners Inc. boosted its stake in shares of Chevron by 1.8% during the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after acquiring an additional 63 shares during the last quarter. Private Wealth Management Group LLC raised its position in shares of Chevron by 15.7% during the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 63 shares during the period. Montz Harcus Wealth Management LLC raised its position in shares of Chevron by 2.2% during the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after purchasing an additional 63 shares during the period. Hubbell Strickland Wealth Management LLC raised its position in shares of Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after purchasing an additional 64 shares during the period. Finally, Marks Group Wealth Management Inc raised its position in shares of Chevron by 3.1% during the 1st quarter. Marks Group Wealth Management Inc now owns 2,148 shares of the oil and gas company’s stock valued at $339,000 after purchasing an additional 65 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.3 %

Shares of NYSE CVX traded up $1.89 during trading hours on Friday, hitting $147.62. 4,824,078 shares of the stock were exchanged, compared to its average volume of 7,814,477. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The company has a market cap of $272.06 billion, a PE ratio of 13.58, a PEG ratio of 2.46 and a beta of 1.10. The firm has a fifty day moving average price of $152.97 and a 200-day moving average price of $155.81. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $171.70.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the previous year, the company posted $3.08 EPS. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Co. will post 11.96 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.42%. Chevron’s payout ratio is 59.98%.

Analyst Upgrades and Downgrades

CVX has been the topic of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Truist Financial reduced their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a report on Monday, August 5th. Mizuho lifted their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a report on Monday, May 13th. Royal Bank of Canada reduced their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Finally, HSBC lifted their price target on shares of Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

About Chevron

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.