Headinvest LLC Increases Holdings in Chevron Co. (NYSE:CVX)

Headinvest LLC increased its position in Chevron Co. (NYSE:CVX) by 4.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 33,008 shares of the oil and gas company’s stock after acquiring an additional 1,277 shares during the quarter. Headinvest LLC’s holdings in Chevron were worth $4,781,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Allianz SE purchased a new position in shares of Chevron in the fourth quarter valued at $9,369,000. Nicholas Company Inc. boosted its position in shares of Chevron by 4.3% in the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock worth $11,591,000 after buying an additional 3,280 shares in the last quarter. Applied Finance Capital Management LLC grew its stake in Chevron by 1.6% in the 4th quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock valued at $26,044,000 after acquiring an additional 2,755 shares during the last quarter. Cerity Partners LLC increased its holdings in Chevron by 4.5% during the 4th quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock valued at $174,817,000 after acquiring an additional 52,307 shares in the last quarter. Finally, Wedbush Securities Inc. raised its position in Chevron by 6.8% during the fourth quarter. Wedbush Securities Inc. now owns 118,066 shares of the oil and gas company’s stock worth $17,101,000 after acquiring an additional 7,557 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of CVX stock opened at $135.57 on Thursday. The firm has a market cap of $236.75 billion, a P/E ratio of 13.95, a P/E/G ratio of 1.46 and a beta of 0.83. The firm has a fifty day moving average of $145.61 and a two-hundred day moving average of $151.50. 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.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business had revenue of $47.61 billion during 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 revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, research analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be given 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 currently 78.17%.

Analyst Ratings Changes

Several analysts have recently commented on CVX shares. Barclays lowered shares of Chevron from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. TD Cowen cut their price target on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a report on Monday, May 5th. Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, BNP Paribas cut Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average 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.