Chevron Co. (NYSE:CVX) Position Boosted by Merewether Investment Management LP

Merewether Investment Management LP boosted its holdings in Chevron Co. (NYSE:CVX) by 351.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 371,896 shares of the oil and gas company’s stock after acquiring an additional 289,596 shares during the period. Chevron comprises about 2.2% of Merewether Investment Management LP’s investment portfolio, making the stock its 15th biggest holding. Merewether Investment Management LP’s holdings in Chevron were worth $53,865,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CVX. Life Planning Partners Inc bought a new position in shares of Chevron in the fourth quarter valued at $25,000. IMG Wealth Management Inc. bought a new stake in Chevron during the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new position in Chevron in the 4th quarter valued at $29,000. Fairway Wealth LLC boosted its position in shares of Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares during the last quarter. Finally, Navigoe LLC acquired a new position in Chevron in the fourth quarter valued at about $33,000. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Redburn Atlantic reissued a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. BNP Paribas cut shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Wells Fargo & Company reduced their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and cut their target price for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, TD Cowen reduced their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $161.25.

Chevron Price Performance

Shares of Chevron stock opened at $141.50 on Tuesday. The business’s fifty day moving average price is $147.72 and its 200 day moving average price is $152.01. The stock has a market capitalization of $249.12 billion, a P/E ratio of 14.56, a PEG ratio of 1.46 and a beta of 0.83. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the previous year, the firm earned $2.93 EPS. The company’s revenue was down 2.3% on a year-over-year basis. As a group, research analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is 78.17%.

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.