Accuvest Global Advisors Makes New $590,000 Investment in Chevron Corporation (NYSE:CVX)

Key Points

• Accuvest Global Advisors has made a new investment of approximately $590,000 in Chevron Corporation, acquiring 3,525 shares in the first quarter.
• Chevron's recent quarterly earnings reported $1.77 EPS, surpassing analyst expectations, despite a 12.4% decrease in revenue compared to the previous year.
• The company announced a quarterly dividend of $1.71, yielding 4.5%, with the ex-dividend date set for August 19th.

Accuvest Global Advisors bought a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,525 shares of the oil and gas company's stock, valued at approximately $590,000.

Other hedge funds have also modified their holdings of the company. Sage Capital Advisors llc increased its stake in shares of Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after acquiring an additional 919 shares during the last quarter. CCG Wealth Management LLC increased its stake in shares of Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after acquiring an additional 145 shares during the last quarter. Ignite Planners LLC increased its stake in shares of Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after acquiring an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. increased its stake in shares of Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after acquiring an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in shares of Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after acquiring an additional 675 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of NYSE:CVX traded up $1.82 during midday trading on Friday, hitting $154.98. The company's stock had a trading volume of 6,331,417 shares, compared to its average volume of 12,388,930. The stock has a market capitalization of $270.66 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 2.30 and a beta of 0.87. The stock's 50 day simple moving average is $148.45 and its 200 day simple moving average is $148.63. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the business posted $2.55 earnings per share. The firm's revenue was down 12.4% compared to the same quarter last year. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be given a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Mizuho dropped their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. UBS Group reissued a "buy" rating and set a $186.00 target price (up from $177.00) on shares of Chevron in a research report on Monday. Scotiabank reissued a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and lowered their target price for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Chevron has a consensus rating of "Hold" and a consensus price target of $164.11.

Chevron 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.