Fortitude Advisory Group L.L.C. Purchases 278 Shares of Chevron Co. (NYSE:CVX)

Fortitude Advisory Group L.L.C. increased its position in shares of Chevron Co. (NYSE:CVX) by 6.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,493 shares of the oil and gas company’s stock after buying an additional 278 shares during the period. Fortitude Advisory Group L.L.C.’s holdings in Chevron were worth $752,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parkside Financial Bank & Trust lifted its position in shares of Chevron by 0.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock worth $2,207,000 after purchasing an additional 66 shares during the period. Berkeley Capital Partners LLC raised its stake in Chevron by 0.4% in the fourth quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company’s stock worth $2,572,000 after buying an additional 67 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its holdings in Chevron by 6.1% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 1,184 shares of the oil and gas company’s stock worth $171,000 after buying an additional 68 shares during the period. Acorn Wealth Advisors LLC boosted its position in Chevron by 3.4% during the 4th quarter. Acorn Wealth Advisors LLC now owns 2,092 shares of the oil and gas company’s stock valued at $303,000 after acquiring an additional 69 shares in the last quarter. Finally, Unionview LLC grew its holdings in shares of Chevron by 3.4% during the 4th quarter. Unionview LLC now owns 2,149 shares of the oil and gas company’s stock worth $311,000 after acquiring an additional 70 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CVX shares. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $160.00 to $143.00 in a research report on Friday, April 11th. BNP Paribas cut shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and reduced their target price for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. TD Cowen dropped 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. Finally, Wells Fargo & Company cut their price objective on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Three research 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. According to MarketBeat, Chevron presently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

Shares of NYSE:CVX opened at $146.07 on Tuesday. The company has a market capitalization of $255.09 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.46 and a beta of 0.83. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The firm’s 50 day simple moving average is $138.72 and its two-hundred day simple moving average is $148.91. 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 (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (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 analyst estimates of $49.05 billion. During the same quarter in the prior year, the business posted $2.93 EPS. Chevron’s revenue for the quarter was down 2.3% compared to the same quarter last year. Research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.68%. Chevron’s payout ratio is 78.17%.

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.