Tang Capital Management LLC Invests $866,000 in Chevron Co. (NYSE:CVX)

Tang Capital Management LLC bought a new stake in Chevron Co. (NYSE:CVX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,978 shares of the oil and gas company's stock, valued at approximately $866,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVX. Toronto Dominion Bank raised its stake in Chevron by 12.3% during the fourth quarter. Toronto Dominion Bank now owns 791,870 shares of the oil and gas company's stock worth $114,694,000 after acquiring an additional 86,719 shares in the last quarter. Safeguard Investment Advisory Group LLC increased its position in Chevron by 3.6% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,485 shares of the oil and gas company's stock worth $794,000 after purchasing an additional 193 shares in the last quarter. Scissortail Wealth Management LLC increased its position in Chevron by 23,923.8% during the 4th quarter. Scissortail Wealth Management LLC now owns 5,045 shares of the oil and gas company's stock worth $731,000 after purchasing an additional 5,024 shares in the last quarter. SGL Investment Advisors Inc. lifted its stake in Chevron by 1.5% in the 4th quarter. SGL Investment Advisors Inc. now owns 33,721 shares of the oil and gas company's stock valued at $5,223,000 after purchasing an additional 492 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC acquired a new stake in Chevron in the fourth quarter valued at approximately $389,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVX. Piper Sandler lowered their price target on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Hsbc Global Res cut Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. HSBC lowered Chevron from a "buy" rating to a "hold" rating and cut their price target for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. UBS Group lowered their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Raymond James cut their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Chevron has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Trading Down 1.2%

Chevron stock traded down $1.70 during trading hours on Wednesday, reaching $135.57. 9,064,660 shares of the company's stock were exchanged, compared to its average volume of 8,055,564. The firm's 50 day simple moving average is $146.04 and its 200 day simple moving average is $151.61. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $236.75 billion, a PE ratio of 13.95, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the company earned $2.93 EPS. The firm's revenue for the quarter was down 2.3% compared to the same quarter last year. Research analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend is Monday, May 19th. Chevron's payout ratio is 78.17%.

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.