CIBC Private Wealth Group LLC lifted its position in shares of Chevron Co. (NYSE:CVX) by 11.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,618,371 shares of the oil and gas company’s stock after acquiring an additional 168,919 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.08% of Chevron worth $169,588,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Total Clarity Wealth Management Inc. bought a new stake in shares of Chevron during the first quarter valued at approximately $34,000. Alpha DNA Investment Management LLC bought a new stake in Chevron in the 4th quarter worth approximately $31,000. PARK CIRCLE Co grew its position in Chevron by 300.0% in the 4th quarter. PARK CIRCLE Co now owns 400 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 300 shares during the period. Wealthcare Capital Management LLC bought a new stake in Chevron in the 1st quarter worth approximately $50,000. Finally, Encompass Wealth Advisors LLC bought a new stake in Chevron in the 4th quarter worth approximately $40,000. 66.03% of the stock is owned by institutional investors.
Several research analysts have recently weighed in on CVX shares. Cowen lifted their price target on shares of Chevron from $111.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 10th. Piper Sandler lifted their target price on shares of Chevron from $113.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday, April 1st. Truist lifted their target price on shares of Chevron from $105.00 to $130.00 in a research note on Wednesday, March 10th. Scotiabank restated a “sector perform” rating and set a $115.00 target price on shares of Chevron in a research note on Tuesday, March 16th. Finally, Citigroup assumed coverage on shares of Chevron in a research note on Wednesday, March 10th. They set a “neutral” rating and a $105.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $113.92.
Shares of CVX traded up $0.38 during mid-day trading on Friday, hitting $108.79. The company’s stock had a trading volume of 193,406 shares, compared to its average volume of 10,596,347. The company has a 50-day moving average price of $105.26. Chevron Co. has a 52-week low of $65.16 and a 52-week high of $113.11. The company has a market cap of $209.75 billion, a price-to-earnings ratio of -26.00, a price-to-earnings-growth ratio of 3.99 and a beta of 1.31. The company has a quick ratio of 0.90, a current ratio of 1.11 and a debt-to-equity ratio of 0.31.
Chevron (NYSE:CVX) last posted its earnings results on Thursday, April 29th. The oil and gas company reported $0.90 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.02). Chevron had a negative net margin of 8.15% and a negative return on equity of 0.82%. The firm had revenue of $32.03 billion for the quarter, compared to analysts’ expectations of $31.82 billion. During the same period in the previous year, the company earned $1.29 EPS. The company’s revenue was up 1.7% on a year-over-year basis. Research analysts expect that Chevron Co. will post 5.4 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 10th. Shareholders of record on Wednesday, May 19th were paid a dividend of $1.34 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.29. The ex-dividend date was Tuesday, May 18th. This represents a $5.36 dividend on an annualized basis and a yield of 4.93%. Chevron’s dividend payout ratio is presently -2,680.00%.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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