Levin Capital Strategies L.P. Buys 590 Shares of Chevron Corporation (NYSE:CVX)

Levin Capital Strategies L.P. increased its stake in shares of Chevron Corporation (NYSE:CVX) by 16.0% in the first quarter, Holdings Channel.com reports. The fund owned 4,280 shares of the oil and gas company’s stock after purchasing an additional 590 shares during the period. Levin Capital Strategies L.P.’s holdings in Chevron were worth $716,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. CoreCap Advisors LLC increased its position in Chevron by 0.3% in the fourth quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company’s stock worth $4,091,000 after purchasing an additional 71 shares during the last quarter. Clayton Financial Group LLC increased its position in Chevron by 4.6% in the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company’s stock worth $285,000 after purchasing an additional 75 shares during the last quarter. Gill Capital Partners LLC increased its position in Chevron by 4.9% in the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company’s stock worth $271,000 after purchasing an additional 75 shares during the last quarter. Cordatus Wealth Management LLC increased its position in Chevron by 0.4% in the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company’s stock worth $3,299,000 after purchasing an additional 76 shares during the last quarter. Finally, Requisite Capital Management LLC increased its position in Chevron by 1.2% in the first quarter. Requisite Capital Management LLC now owns 6,362 shares of the oil and gas company’s stock worth $1,064,000 after purchasing an additional 77 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.4%

Shares of NYSE CVX opened at $150.81 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $263.37 billion, a PE ratio of 19.41, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. The stock’s fifty day simple moving average is $147.14 and its two-hundred day simple moving average is $148.65. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

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 the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.55 EPS. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders 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 yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a research report on Tuesday, May 6th. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and lowered their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. UBS Group raised their price target on Chevron from $177.00 to $186.00 and gave the stock a “buy” rating in a research report on Monday. Piper Sandler restated an “overweight” rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, Redburn Atlantic restated a “sell” rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $164.11.

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.