HBK Sorce Advisory LLC Increases Position in Chevron Corporation (NYSE:CVX)

HBK Sorce Advisory LLC lifted its position in shares of Chevron Corporation (NYSE:CVX) by 1.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,584 shares of the oil and gas company’s stock after buying an additional 588 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Chevron were worth $6,622,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CVX. IMG Wealth Management Inc. purchased a new position in shares of Chevron in the fourth quarter valued at about $25,000. Life Planning Partners Inc bought a new stake in Chevron during the 4th quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. purchased a new position in Chevron in the 4th quarter worth approximately $29,000. 10Elms LLP bought a new position in Chevron in the 4th quarter worth approximately $29,000. Finally, Fairway Wealth LLC grew its holdings in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE:CVX opened at $143.49 on Thursday. The firm has a market capitalization of $250.59 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 2.52 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The business has a 50 day simple moving average of $139.95 and a 200-day simple moving average of $148.45. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.93 EPS. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current 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. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.77%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Analyst Ratings Changes

Several equities analysts have recently commented on CVX shares. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. Piper Sandler cut their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. TD Cowen decreased their target price on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Finally, Hsbc Global Res cut Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Three equities 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $160.24.

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.