Advisors Preferred LLC Acquires New Position in Chevron Corporation (NYSE:CVX)

Advisors Preferred LLC purchased a new position in shares of 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. The firm purchased 6,600 shares of the oil and gas company's stock, valued at approximately $1,112,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mizuho Securities Co. Ltd. acquired a new stake in Chevron in the 4th quarter valued at approximately $29,000. 10Elms LLP acquired a new position in shares of Chevron in the fourth quarter worth $29,000. IFS Advisors LLC grew its stake in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares in the last quarter. Navigoe LLC acquired a new position in shares of Chevron in the fourth quarter worth $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron in the first quarter worth $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Wells Fargo & Company boosted their price target on shares of Chevron from $165.00 to $178.00 and gave the stock an "overweight" rating in a research note on Wednesday. TD Cowen dropped their price target on shares of Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. UBS Group lowered their target price on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Piper Sandler reiterated an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $162.13.

Chevron Stock Performance

NYSE CVX traded down $1.00 during trading hours on Friday, hitting $154.84. 7,872,671 shares of the stock were exchanged, compared to its average volume of 12,051,790. The company has a market cap of $270.40 billion, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a 50-day moving average of $145.12 and a 200 day moving average of $148.83. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.42%. Chevron's payout ratio is currently 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.