Griffith & Werner Inc. Buys Shares of 15,639 Chevron Co. (NYSE:CVX)

Griffith & Werner Inc. bought a new position in Chevron Co. (NYSE:CVX) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 15,639 shares of the oil and gas company’s stock, valued at approximately $2,265,000. Chevron makes up approximately 1.5% of Griffith & Werner Inc.’s investment portfolio, making the stock its 24th largest holding.

Several other hedge funds have also recently modified their holdings of CVX. Geode Capital Management LLC raised its holdings in shares of Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Chevron by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after purchasing an additional 746,806 shares during the period. Norges Bank purchased a new stake in Chevron during the 4th quarter valued at $3,017,750,000. Northern Trust Corp lifted its holdings in shares of Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after buying an additional 1,394,091 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Chevron by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock valued at $2,881,280,000 after buying an additional 410,460 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.0%

CVX opened at $136.66 on Friday. The stock has a market cap of $238.66 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm’s fifty day moving average is $144.66 and its 200 day moving average is $151.25. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week 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, beating analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the firm earned $2.93 earnings per share. On average, sell-side analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors 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 yield of 5.01%. The ex-dividend date is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Analyst Ratings Changes

Several brokerages recently commented on CVX. BNP Paribas cut Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Piper Sandler cut their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. TD Cowen lowered their price objective on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three investment 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. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Company 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.