FAS Wealth Partners Inc. Raises Stock Position in Chevron Corporation (NYSE:CVX)

FAS Wealth Partners Inc. increased its holdings in shares of Chevron Corporation (NYSE:CVX) by 5.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,321 shares of the oil and gas company’s stock after purchasing an additional 1,940 shares during the period. FAS Wealth Partners Inc.’s holdings in Chevron were worth $6,745,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in shares of Chevron by 1.1% in the fourth 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 purchasing an additional 392,916 shares during the period. Norges Bank acquired a new position in Chevron in the 4th quarter valued at about $3,017,750,000. Northern Trust Corp boosted its holdings in 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 purchasing an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. raised 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 period. Finally, Ameriprise Financial Inc. raised 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 period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 1.1%

Shares of CVX traded down $1.59 during mid-day trading on Friday, hitting $149.79. The company had a trading volume of 45,762,307 shares, compared to its average volume of 8,540,907. The business’s 50-day simple moving average is $144.04 and its 200-day simple moving average is $148.64. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock has a market cap of $261.59 billion, a PE ratio of 17.12, a P/E/G ratio of 2.48 and a beta of 0.83.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share 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 company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the prior year, the business earned $2.93 earnings per share. The company’s revenue was down 2.3% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors 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 dividend on an annualized basis and a dividend yield of 4.57%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays reaffirmed an “equal weight” rating on shares of Chevron in a research note on Tuesday. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a report on Tuesday, May 6th. UBS Group lowered their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $165.00 price target (up previously from $164.00) on shares of Chevron in a report on Thursday, June 26th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $161.31.

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.