Meridian Wealth Management LLC Boosts Holdings in Chevron Corporation (NYSE:CVX)

Meridian Wealth Management LLC boosted its position in shares of Chevron Corporation (NYSE:CVX) by 6.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,955 shares of the oil and gas company’s stock after purchasing an additional 4,410 shares during the period. Chevron makes up 0.6% of Meridian Wealth Management LLC’s holdings, making the stock its 28th biggest holding. Meridian Wealth Management LLC’s holdings in Chevron were worth $12,874,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd grew its stake in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 122 shares during the period. 10Elms LLP acquired a new stake in Chevron during the 4th quarter worth approximately $29,000. 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 valued at $36,000 after acquiring an additional 116 shares in the last quarter. Navigoe LLC acquired a new stake in shares of Chevron during the fourth quarter worth approximately $33,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of Chevron during the first quarter worth approximately $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVX has been the topic of a number of recent research reports. Scotiabank reiterated a “sector perform” rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Barclays restated an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Mizuho decreased their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Evercore ISI restated an “outperform” rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price target (down previously 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $164.11.

Chevron Trading Up 1.2%

NYSE:CVX opened at $154.98 on Monday. The firm has a market capitalization of $270.66 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 2.32 and a beta of 0.87. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The business has a fifty day moving average price of $148.45 and a 200-day moving average price of $148.52. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates 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 9.90%. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.55 EPS. Sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

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.