10Elms LLP Makes New Investment in Chevron Co. (NYSE:CVX)

10Elms LLP purchased a new position in Chevron Co. (NYSE:CVX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 200 shares of the oil and gas company’s stock, valued at approximately $29,000.

A number of other hedge funds have also modified their holdings of CVX. Norges Bank purchased a new position in shares of Chevron during the 4th quarter valued at $3,017,750,000. Raymond James Financial Inc. bought a new stake in Chevron during the fourth quarter valued at about $1,036,302,000. Bank of New York Mellon Corp lifted its position in shares of Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares in the last quarter. Amundi grew its position in shares of Chevron by 27.7% during the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after purchasing an additional 1,910,262 shares in the last quarter. Finally, Capital World Investors raised its stake in Chevron by 11.4% during the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock valued at $2,039,288,000 after purchasing an additional 1,440,808 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Down 1.2%

NYSE:CVX opened at $135.57 on Thursday. The company has a market cap of $236.75 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. Chevron Co. has a twelve month low of $132.04 and a twelve 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 stock has a fifty day simple moving average of $145.61 and a 200-day simple moving average of $151.50.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter last year, the business posted $2.93 EPS. Analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 5.05%. The ex-dividend date is Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CVX shares. TD Cowen lowered their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Redburn Atlantic reissued a “sell” rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. UBS Group decreased their target price on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Mizuho reduced their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Finally, 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 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 issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 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.