CapWealth Advisors LLC Acquires 491 Shares of Chevron Corporation (NYSE:CVX)

CapWealth Advisors LLC raised its holdings in Chevron Corporation (NYSE:CVX) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 174,449 shares of the oil and gas company’s stock after purchasing an additional 491 shares during the quarter. Chevron accounts for approximately 3.2% of CapWealth Advisors LLC’s investment portfolio, making the stock its 8th biggest position. CapWealth Advisors LLC’s holdings in Chevron were worth $29,184,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in shares of Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Norges Bank bought a new position in shares of Chevron in the 4th quarter valued at $3,017,750,000. Northern Trust Corp lifted its stake in shares of Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Chevron by 0.5% in the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock valued at $2,502,850,000 after acquiring an additional 79,917 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Chevron by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company’s stock valued at $2,421,564,000 after acquiring an additional 211,023 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CVX shares. HSBC cut Chevron from a “buy” rating to a “hold” rating and dropped their price target for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. TD Cowen dropped their price target on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Piper Sandler raised their target price on Chevron from $162.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 2nd. Wells Fargo & Company reaffirmed an “overweight” rating and set a $165.00 target price (up from $164.00) on shares of Chevron in a research report on Thursday, June 26th. Finally, Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $160.65.

Chevron Stock Performance

Shares of CVX opened at $147.40 on Tuesday. 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 stock has a 50-day moving average of $141.31 and a 200-day moving average of $148.18. The company has a market cap of $257.42 billion, a PE ratio of 16.85, a P/E/G ratio of 2.51 and a beta of 0.83. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the business posted $2.93 EPS. On average, equities research analysts predict that Chevron Corporation will post 10.79 EPS 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 of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.64%. Chevron’s dividend payout ratio is presently 78.17%.

Chevron Company 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.