Triumph Capital Management Invests $611,000 in Chevron Co. (NYSE:CVX)

Triumph Capital Management purchased a new stake in shares of Chevron Co. (NYSE:CVX) during the 4th quarter, Holdings Channel reports. The fund purchased 4,096 shares of the oil and gas company’s stock, valued at approximately $611,000.

Several other hedge funds have also recently bought and sold shares of the business. International Assets Investment Management LLC raised its holdings in shares of Chevron by 15,548.2% during the fourth quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock worth $4,776,720,000 after acquiring an additional 3,181,946 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Chevron by 7.0% during the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after buying an additional 2,244,995 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Chevron in the 3rd quarter valued at approximately $348,789,000. Envestnet Asset Management Inc. increased its holdings in Chevron by 36.4% in the third quarter. Envestnet Asset Management Inc. now owns 4,614,498 shares of the oil and gas company’s stock worth $778,097,000 after buying an additional 1,230,619 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Chevron by 28.3% during the third quarter. California Public Employees Retirement System now owns 4,179,942 shares of the oil and gas company’s stock valued at $704,822,000 after acquiring an additional 923,119 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now owns 276 shares of the company’s stock, valued at approximately $44,184.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is owned by company insiders.

Chevron Stock Performance

Shares of NYSE:CVX traded down $2.01 on Wednesday, hitting $159.26. 3,502,242 shares of the company were exchanged, compared to its average volume of 8,393,443. The company’s 50 day moving average price is $156.96 and its two-hundred day moving average price is $151.68. The firm has a market capitalization of $295.79 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 2.43 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. Chevron Co. has a one year low of $139.62 and a one year high of $171.70.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. The firm had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. Chevron had a return on equity of 14.38% and a net margin of 10.21%. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.55 earnings per share. Research analysts expect that Chevron Co. will post 13.71 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be paid a $1.63 dividend. The ex-dividend date is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.09%. Chevron’s payout ratio is 59.98%.

Wall Street Analyst Weigh In

CVX has been the topic of several analyst reports. Mizuho increased their price target on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Royal Bank of Canada increased their target price on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Piper Sandler raised their target price on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. UBS Group upped their price target on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Finally, Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $185.35.

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.