Solitude Financial Services Increases Position in Chevron Corporation (NYSE:CVX)

Solitude Financial Services grew its position in shares of Chevron Corporation (NYSE:CVX) by 4.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,412 shares of the oil and gas company’s stock after acquiring an additional 1,034 shares during the period. Chevron comprises 1.5% of Solitude Financial Services’ portfolio, making the stock its 13th largest position. Solitude Financial Services’ holdings in Chevron were worth $3,917,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Eagle Capital Management LLC raised its stake in Chevron by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock worth $5,011,000 after buying an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG raised its stake in Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock worth $5,212,000 after buying an additional 2,641 shares in the last quarter. Prudential PLC raised its stake in Chevron by 19.7% in the fourth quarter. Prudential PLC now owns 31,572 shares of the oil and gas company’s stock worth $4,573,000 after buying an additional 5,206 shares in the last quarter. Hurley Capital LLC bought a new position in Chevron in the fourth quarter worth about $63,000. Finally, Darden Wealth Group Inc increased its stake in shares of Chevron by 4.9% during the fourth quarter. Darden Wealth Group Inc now owns 8,141 shares of the oil and gas company’s stock valued at $1,179,000 after purchasing an additional 380 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $151.33 on Monday. The firm has a market cap of $264.28 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 2.31 and a beta of 0.87. The company’s 50 day moving average is $146.86 and its 200 day moving average is $148.73. 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 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.80%. Chevron’s revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company posted $2.55 earnings per share. On average, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CVX shares. Evercore ISI reiterated an “outperform” rating and set a $180.00 price target on shares of Chevron in a report on Thursday. TD Cowen cut their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Piper Sandler reiterated an “overweight” rating on shares of Chevron in a report on Tuesday, July 15th. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Finally, Redburn Atlantic restated a “sell” rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $163.18.

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.