Destiny Wealth Partners LLC Increases Position in Chevron Co. (NYSE:CVX)

Destiny Wealth Partners LLC raised its position in Chevron Co. (NYSE:CVX) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,320 shares of the oil and gas company’s stock after purchasing an additional 262 shares during the quarter. Destiny Wealth Partners LLC’s holdings in Chevron were worth $555,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new stake in Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Chevron during the fourth quarter worth $29,000. 10Elms LLP purchased a new stake in shares of Chevron during the fourth quarter worth $29,000. Fairway Wealth LLC increased its position in shares of Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the period. Finally, IFS Advisors LLC increased its position in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after acquiring an additional 116 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $140.21 on Monday. 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. The company has a market capitalization of $244.86 billion, a PE ratio of 14.42, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a fifty day moving average of $138.98 and a two-hundred day moving average of $149.65.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating 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 company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the prior year, the firm posted $2.93 earnings per share. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be paid 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 4.88%. Chevron’s dividend payout ratio is presently 78.17%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CVX shares. Piper Sandler cut their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. HSBC lowered Chevron from a “buy” rating to a “hold” rating and cut their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. UBS Group cut their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Finally, Barclays lowered 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 research report on Wednesday, April 23rd. 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 stock. Based on data from MarketBeat, Chevron has a consensus rating of “Hold” and an average target price 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.