Alpine Bank Wealth Management Makes New Investment in Chevron Corporation (NYSE:CVX)

Alpine Bank Wealth Management bought a new position in Chevron Corporation (NYSE:CVX - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 9,993 shares of the oil and gas company's stock, valued at approximately $1,672,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. IMG Wealth Management Inc. acquired a new position in Chevron during the 4th quarter worth about $25,000. Life Planning Partners Inc bought a new position in shares of Chevron during the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Chevron in the fourth quarter worth approximately $29,000. 10Elms LLP acquired a new position in shares of Chevron in the fourth quarter worth approximately $29,000. Finally, Fairway Wealth LLC boosted its holdings in Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 88 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. 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 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 note on Tuesday, May 13th. Mizuho cut their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $165.00 price objective (up from $164.00) on shares of Chevron in a research note on Thursday. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Chevron presently has an average rating of "Hold" and a consensus target price of $160.29.

Chevron Stock Down 0.4%

CVX stock traded down $0.57 during mid-day trading on Friday, reaching $143.87. 9,207,479 shares of the company traded hands, compared to its average volume of 8,266,856. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The firm's 50 day moving average price is $140.08 and its 200 day moving average price is $148.37. The stock has a market cap of $251.26 billion, a price-to-earnings ratio of 16.44, a P/E/G ratio of 2.54 and a beta of 0.83. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the firm earned $2.93 earnings per share. Chevron's quarterly revenue was down 2.3% on a year-over-year basis. As a group, equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.75%. Chevron's payout ratio is 78.17%.

Chevron Company 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.