Adams Diversified Equity Fund Inc. Has $23.07 Million Holdings in Chevron Corporation (NYSE:CVX)

Adams Diversified Equity Fund Inc. increased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 72.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 137,900 shares of the oil and gas company's stock after buying an additional 58,000 shares during the quarter. Adams Diversified Equity Fund Inc.'s holdings in Chevron were worth $23,069,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Sage Capital Advisors llc lifted its holdings in Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the last quarter. CCG Wealth Management LLC lifted its holdings in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the last quarter. Pines Wealth Management LLC lifted its holdings in Chevron by 3.3% during the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock valued at $1,306,000 after purchasing an additional 253 shares during the last quarter. Viking Fund Management LLC lifted its holdings in Chevron by 9.3% during the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock valued at $19,573,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Allianz SE acquired a new stake in Chevron during the 4th quarter valued at $9,369,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Down 2.2%

Shares of NYSE CVX opened at $143.67 on Wednesday. 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 Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market capitalization of $250.90 billion, a P/E ratio of 16.42, a PEG ratio of 2.58 and a beta of 0.83. The stock's fifty day moving average is $139.78 and its 200 day moving average is $148.49.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion for the quarter, compared to analysts' expectations of $49.05 billion. During the same quarter last year, the business earned $2.93 earnings per share. Chevron's revenue was down 2.3% on a year-over-year basis. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's dividend payout ratio is presently 78.17%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. UBS Group cut their price target on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday, April 7th. Wells Fargo & Company cut their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Piper Sandler dropped their target price on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Finally, Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $160.24.

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.

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