Tang Capital Management LLC Purchases New Position in Chevron Co. (NYSE:CVX)

Tang Capital Management LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 5,978 shares of the oil and gas company’s stock, valued at approximately $866,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. IMG Wealth Management Inc. purchased a new stake in Chevron in the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron in the fourth quarter worth about $29,000. Fairway Wealth LLC grew its holdings in Chevron by 75.9% in the fourth 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 period. Navigoe LLC purchased a new stake in Chevron in the fourth quarter worth about $33,000. Finally, New Wave Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.2%

Shares of CVX stock opened at $142.04 on Monday. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $146.65 and its 200 day moving average is $151.81. The stock has a market capitalization of $248.06 billion, a P/E ratio of 14.61, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last released its quarterly 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 business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period last year, the firm earned $2.93 earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. Research analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.82%. Chevron’s payout ratio is presently 78.17%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. UBS Group cut their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Mizuho cut their price target on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Finally, Piper Sandler cut their price target on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $160.24.

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.