Rossby Financial LCC Increases Position in Chevron Corporation (NYSE:CVX)

Rossby Financial LCC raised its position in shares of Chevron Corporation (NYSE:CVX) by 51.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,994 shares of the oil and gas company’s stock after purchasing an additional 1,701 shares during the period. Rossby Financial LCC’s holdings in Chevron were worth $835,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CVX. IMG Wealth Management Inc. purchased a new position in Chevron in the 4th quarter worth approximately $25,000. Life Planning Partners Inc bought a new position in shares of Chevron in the fourth quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron in the fourth quarter worth approximately $29,000. 10Elms LLP purchased a new position in shares of Chevron in the fourth quarter worth $29,000. Finally, Fairway Wealth LLC raised 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 during the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CVX shares. 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 report on Tuesday, May 6th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and cut their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Mizuho decreased their price target on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. 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. Finally, UBS Group reduced their target price on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of “Hold” and a consensus target price of $160.29.

Chevron Stock Up 1.6%

Shares of NYSE:CVX opened at $145.46 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The stock has a fifty day simple moving average of $140.56 and a two-hundred day simple moving average of $148.08. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a market capitalization of $254.03 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 2.51 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the previous year, the firm earned $2.93 EPS. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders 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 dividend yield of 4.70%. Chevron’s dividend payout ratio is presently 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.