Wealth Alliance LLC Increases Stock Holdings in Chevron Corporation (NYSE:CVX)

Wealth Alliance LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX) by 17.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 22,174 shares of the oil and gas company’s stock after acquiring an additional 3,223 shares during the period. Wealth Alliance LLC’s holdings in Chevron were worth $3,709,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Life Planning Partners Inc acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the fourth quarter worth about $29,000. 10Elms LLP acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $29,000. Navigoe LLC acquired a new position in shares of Chevron during the fourth quarter valued at approximately $33,000. Finally, IFS Advisors LLC grew its position in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after buying an additional 116 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on CVX. BNP Paribas cut shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Redburn Atlantic reissued a “sell” rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Mizuho dropped their price objective 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. Scotiabank reiterated a “sector perform” rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, HSBC lowered 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 report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $161.31.

Chevron Price Performance

Shares of NYSE CVX opened at $149.79 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a market cap of $261.59 billion, a PE ratio of 17.12, a P/E/G ratio of 2.45 and a beta of 0.83. The business has a 50-day simple moving average of $144.04 and a two-hundred day simple moving average of $148.67.

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, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the business earned $2.93 earnings per share. As a group, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is currently 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.