Chevron Corporation (NYSE:CVX) Shares Bought by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. boosted its position in shares of Chevron Corporation (NYSE:CVX) by 1.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,400 shares of the oil and gas company’s stock after acquiring an additional 170 shares during the period. Chevron comprises 1.9% of Pinnacle West Asset Management Inc.’s investment portfolio, making the stock its 14th biggest holding. Pinnacle West Asset Management Inc.’s holdings in Chevron were worth $2,576,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sage Capital Advisors llc boosted its stake in Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock worth $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC boosted its stake in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock worth $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC boosted its stake in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock worth $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. boosted its stake in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock worth $993,000 after purchasing an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its stake in Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock worth $24,075,000 after purchasing an additional 675 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent research reports. Barclays reiterated an “equal weight” rating on shares of Chevron in a research note on Tuesday, July 15th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. TD Cowen cut their price objective on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Finally, UBS Group cut their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, Chevron currently has a consensus rating of “Hold” and an average price target of $162.13.

Chevron Stock Performance

Shares of CVX opened at $154.84 on Monday. The company has a 50-day simple moving average of $145.12 and a 200-day simple moving average of $148.82. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $270.40 billion, a PE ratio of 17.70, a P/E/G ratio of 2.44 and a beta of 0.83. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

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

Chevron Announces Dividend

The firm also recently disclosed 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 yield of 4.42%. Chevron’s payout ratio is 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.