Lake Point Wealth Management lowered its position in Chevron Co. (NYSE:CVX) by 35.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 433 shares of the oil and gas company’s stock after selling 243 shares during the period. Lake Point Wealth Management’s holdings in Chevron were worth $31,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. Carret Asset Management LLC boosted its stake in Chevron by 1.0% in the 1st quarter. Carret Asset Management LLC now owns 94,052 shares of the oil and gas company’s stock worth $6,815,000 after purchasing an additional 971 shares during the period. ZWJ Investment Counsel Inc. boosted its stake in Chevron by 5.7% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 279,029 shares of the oil and gas company’s stock worth $20,218,000 after purchasing an additional 15,029 shares during the period. Prestige Wealth Management Group LLC boosted its stake in Chevron by 10.0% in the 1st quarter. Prestige Wealth Management Group LLC now owns 1,483 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 135 shares during the period. Titus Wealth Management boosted its stake in Chevron by 8.2% in the 1st quarter. Titus Wealth Management now owns 10,435 shares of the oil and gas company’s stock worth $756,000 after purchasing an additional 788 shares during the period. Finally, Townsquare Capital LLC boosted its stake in Chevron by 5.8% in the 1st quarter. Townsquare Capital LLC now owns 137,259 shares of the oil and gas company’s stock worth $12,276,000 after purchasing an additional 7,539 shares during the period. Institutional investors and hedge funds own 64.86% of the company’s stock.
A number of equities analysts recently weighed in on CVX shares. Royal Bank of Canada lowered shares of Chevron from a “sector perform” rating to an “underperform” rating and set a $100.00 target price for the company. in a research note on Wednesday, June 10th. Wells Fargo & Co increased their price objective on shares of Chevron from $107.00 to $111.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. Argus restated a “buy” rating and set a $88.00 price objective (down from $150.00) on shares of Chevron in a research note on Thursday, March 26th. Jefferies Financial Group restated a “buy” rating and set a $92.00 price objective on shares of Chevron in a research note on Friday, May 1st. Finally, downgraded shares of Chevron from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $112.55.
NYSE:CVX traded up $0.18 during mid-day trading on Tuesday, hitting $91.77. The stock had a trading volume of 3,576,300 shares, compared to its average volume of 9,622,589. Chevron Co. has a twelve month low of $51.60 and a twelve month high of $127.00. The stock has a market cap of $171.00 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 79.50 and a beta of 1.30. The company’s 50 day simple moving average is $92.89 and its 200 day simple moving average is $98.51. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.78 and a current ratio of 1.01.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $1.29. The firm had revenue of $31.50 billion for the quarter, compared to analysts’ expectations of $30.46 billion. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The business’s revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.47 EPS. As a group, equities analysts forecast that Chevron Co. will post 0.23 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a $1.29 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.16 annualized dividend and a yield of 5.62%. Chevron’s dividend payout ratio is currently 82.30%.
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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