Naples Global Advisors LLC Grows Stock Position in Chevron Co. (NYSE:CVX)

Naples Global Advisors LLC increased its stake in Chevron Co. (NYSE:CVX) by 2.1% in the first quarter, HoldingsChannel reports. The fund owned 28,781 shares of the oil and gas company’s stock after purchasing an additional 586 shares during the period. Naples Global Advisors LLC’s holdings in Chevron were worth $4,815,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CVX. HF Advisory Group LLC bought a new stake in Chevron during the 1st quarter valued at $204,000. Bay Rivers Group increased its position in shares of Chevron by 8.4% in the first quarter. Bay Rivers Group now owns 1,605 shares of the oil and gas company’s stock valued at $268,000 after acquiring an additional 125 shares during the period. Johnson & White Wealth Management LLC raised its stake in shares of Chevron by 12.1% during the first quarter. Johnson & White Wealth Management LLC now owns 3,967 shares of the oil and gas company’s stock valued at $664,000 after acquiring an additional 427 shares during the last quarter. Secure Asset Management LLC raised its stake in shares of Chevron by 6.2% during the first quarter. Secure Asset Management LLC now owns 17,986 shares of the oil and gas company’s stock valued at $3,009,000 after acquiring an additional 1,046 shares during the last quarter. Finally, Portside Wealth Group LLC grew its stake in shares of Chevron by 8.5% in the first quarter. Portside Wealth Group LLC now owns 19,254 shares of the oil and gas company’s stock worth $3,221,000 after purchasing an additional 1,506 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Down 1.5%

Shares of Chevron stock opened at $137.46 on Thursday. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a 50-day moving average of $140.16 and a 200 day moving average of $150.11. The firm has a market cap of $240.06 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last announced its earnings results 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. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter last year, the firm earned $2.93 earnings per share. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. UBS Group reduced their price target on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Piper Sandler decreased their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and cut their price target for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Finally, Redburn Atlantic restated a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $160.24.

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.