Chevron Corporation (NYSE:CVX) Shares Acquired by AlphaCore Capital LLC

Key Points

• AlphaCore Capital LLC increased its stake in Cheron Corporation by 11.9%, owning 22,184 shares worth approximately $3.71 million as of the end of the most recent quarter.
• Several hedge funds have also recently invested in Chevron, resulting in institutional investors owning 72.42% of the stock.
• Chevron reported $1.77 earnings per share for the last quarter, exceeding estimates by $0.19, though revenue declined 12.4% year-over-year.

AlphaCore Capital LLC raised its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 11.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,184 shares of the oil and gas company's stock after purchasing an additional 2,354 shares during the period. AlphaCore Capital LLC's holdings in Chevron were worth $3,711,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd lifted its position in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares in the last quarter. 10Elms LLP acquired a new stake in shares of Chevron in the fourth quarter worth $29,000. IFS Advisors LLC raised its stake in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares during the period. Navigoe LLC acquired a new position in shares of Chevron during the 4th quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron during the 1st quarter valued at $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Up 1.2%

CVX stock traded up $1.82 during mid-day trading on Friday, hitting $154.98. 6,331,417 shares of the company were exchanged, compared to its average volume of 12,388,930. The firm has a fifty day simple moving average of $148.45 and a 200 day simple moving average of $148.63. The company has a market capitalization of $270.66 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 2.30 and a beta of 0.87. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

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

Chevron Dividend Announcement

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

Analyst Ratings Changes

Several brokerages recently issued reports on CVX. Morgan Stanley began coverage on Chevron in a report on Monday. They issued an "overweight" rating and a $174.00 price target for the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Redburn Atlantic reiterated a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Piper Sandler restated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, TD Cowen increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price 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.