Elk River Wealth Management LLC Has $876,000 Stock Position in Chevron Co. (NYSE:CVX)

Elk River Wealth Management LLC decreased its stake in shares of Chevron Co. (NYSE:CVX) by 5.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,872 shares of the oil and gas company’s stock after selling 350 shares during the period. Elk River Wealth Management LLC’s holdings in Chevron were worth $876,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new stake in shares of Chevron in the 3rd quarter valued at about $26,000. Valley Forge Investment Consultants Inc. ADV increased its stake in Chevron by 80.0% during the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares in the last quarter. DHJJ Financial Advisors Ltd. bought a new stake in Chevron during the 3rd quarter worth approximately $35,000. Valued Wealth Advisors LLC bought a new stake in Chevron during the 4th quarter worth approximately $33,000. Finally, Worth Asset Management LLC bought a new stake in Chevron during the 1st quarter worth approximately $36,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CVX shares. Royal Bank of Canada upped their price target on Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a report on Monday, January 8th. TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $170.00 to $150.00 in a research note on Tuesday, January 23rd. Mizuho increased their price target on Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Finally, Piper Sandler dropped their price target on Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, March 14th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $180.39.

Chevron Stock Performance

Shares of NYSE:CVX traded up $0.33 during midday trading on Wednesday, reaching $155.60. 3,380,962 shares of the company traded hands, compared to its average volume of 8,715,036. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $172.88. The firm has a market capitalization of $288.99 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 2.40 and a beta of 1.12. The firm’s fifty day moving average price is $151.11 and its two-hundred day moving average price is $152.73.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. The company had revenue of $47.18 billion for the quarter, compared to analyst estimates of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same period in the previous year, the company posted $4.09 EPS. On average, equities analysts expect that Chevron Co. will post 13.04 earnings per share for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.19%. This is a boost from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio (DPR) is currently 57.39%.

Chevron 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.