Grimes & Company Inc. Acquires 2,410 Shares of Chevron Co. (NYSE:CVX)

Grimes & Company Inc. raised its holdings in shares of Chevron Co. (NYSE:CVX) by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,514 shares of the oil and gas company’s stock after purchasing an additional 2,410 shares during the quarter. Grimes & Company Inc.’s holdings in Chevron were worth $10,793,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Signature Wealth Management Group boosted its holdings in Chevron by 0.7% during the 1st quarter. Signature Wealth Management Group now owns 26,841 shares of the oil and gas company’s stock worth $4,490,000 after acquiring an additional 198 shares during the last quarter. Stockman Wealth Management Inc. boosted its holdings in Chevron by 6.0% during the 1st quarter. Stockman Wealth Management Inc. now owns 72,145 shares of the oil and gas company’s stock worth $12,069,000 after acquiring an additional 4,081 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in Chevron by 8.7% during the 1st quarter. QRG Capital Management Inc. now owns 267,326 shares of the oil and gas company’s stock worth $44,721,000 after acquiring an additional 21,437 shares during the last quarter. Highline Wealth Partners LLC boosted its holdings in Chevron by 15.6% during the 1st quarter. Highline Wealth Partners LLC now owns 743 shares of the oil and gas company’s stock worth $124,000 after acquiring an additional 100 shares during the last quarter. Finally, Sagespring Wealth Partners LLC boosted its holdings in Chevron by 26.9% during the 1st quarter. Sagespring Wealth Partners LLC now owns 38,831 shares of the oil and gas company’s stock worth $6,496,000 after acquiring an additional 8,234 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.1%

Shares of NYSE CVX opened at $146.07 on Tuesday. Chevron Co. has a one year low of $132.04 and a one 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 firm’s 50 day simple moving average is $138.72 and its two-hundred day simple moving average is $148.91. The stock has a market capitalization of $255.09 billion, a P/E ratio of 15.03, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last issued 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. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. During the same period last year, the business earned $2.93 earnings per share. The business’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on CVX. 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. Piper Sandler cut their price objective on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. UBS Group reduced their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and reduced their price target for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Redburn Atlantic restated a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently 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.