Howard Wealth Management LLC Invests $217,000 in Chevron Corporation (NYSE:CVX)

Howard Wealth Management LLC purchased a new position in Chevron Corporation (NYSE:CVX) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,297 shares of the oil and gas company’s stock, valued at approximately $217,000.

A number of other institutional investors also recently made changes to their positions in the stock. CoreCap Advisors LLC raised its stake in Chevron by 0.3% in the 4th quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company’s stock valued at $4,091,000 after purchasing an additional 71 shares during the last quarter. Clayton Financial Group LLC raised its stake in Chevron by 4.6% in the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company’s stock valued at $285,000 after purchasing an additional 75 shares during the last quarter. Gill Capital Partners LLC raised its stake in Chevron by 4.9% in the 1st quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company’s stock valued at $271,000 after purchasing an additional 75 shares during the last quarter. Cordatus Wealth Management LLC increased its stake in shares of Chevron by 0.4% during the 1st quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company’s stock valued at $3,299,000 after acquiring an additional 76 shares during the last quarter. Finally, Requisite Capital Management LLC increased its stake in shares of Chevron by 1.2% during the 1st quarter. Requisite Capital Management LLC now owns 6,362 shares of the oil and gas company’s stock valued at $1,064,000 after acquiring an additional 77 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of CVX opened at $155.45 on Friday. The business’s 50 day moving average is $149.80 and its two-hundred day moving average is $148.59. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a market cap of $268.62 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 2.34 and a beta of 0.87. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the company posted $2.55 EPS. Chevron’s quarterly revenue was down 12.4% on a year-over-year basis. Analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

Analysts Set New Price Targets

CVX has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating on shares of Chevron in a research note on Tuesday, July 15th. Hsbc Global Res cut Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Mizuho decreased their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. HSBC cut Chevron from a “buy” rating to a “hold” rating and decreased their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Finally, Morgan Stanley started coverage on Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 target price for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $164.11.

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.