Recurrent Investment Advisors LLC Invests $3.06 Million in Chevron Co. (NYSE:CVX)

Recurrent Investment Advisors LLC acquired a new position in Chevron Co. (NYSE:CVX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,153 shares of the oil and gas company’s stock, valued at approximately $3,064,000. Chevron makes up 0.3% of Recurrent Investment Advisors LLC’s portfolio, making the stock its 26th biggest holding.

Several other large investors have also recently bought and sold shares of the business. Rockbridge Capital Management LLC purchased a new stake in shares of Chevron during the 4th quarter worth approximately $390,000. Polar Asset Management Partners Inc. acquired a new position in Chevron during the fourth quarter worth $24,043,000. ProShare Advisors LLC boosted its position in Chevron by 11.0% during the fourth quarter. ProShare Advisors LLC now owns 1,699,478 shares of the oil and gas company’s stock worth $246,152,000 after purchasing an additional 168,788 shares in the last quarter. Quadcap Wealth Management LLC boosted its position in Chevron by 1.6% during the fourth quarter. Quadcap Wealth Management LLC now owns 19,221 shares of the oil and gas company’s stock worth $2,784,000 after purchasing an additional 294 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in Chevron by 39.3% in the fourth quarter. Quantinno Capital Management LP now owns 208,060 shares of the oil and gas company’s stock valued at $30,135,000 after purchasing an additional 58,701 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CVX. Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Piper Sandler cut their target price on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Finally, Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Trading Down 0.8%

Shares of CVX stock opened at $141.22 on Thursday. The firm’s 50-day simple moving average is $147.20 and its 200-day simple moving average is $151.87. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market cap of $246.63 billion, a P/E ratio of 14.53, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter last year, the firm posted $2.93 earnings per share. Chevron’s revenue was down 2.3% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

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.