Avantax Advisory Services Inc. Purchases 36,767 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Avantax Advisory Services Inc. increased its stake in Chevron Corporation by 16.5%, owning 259,353 shares valued at approximately $43.4 million.
• Chevron reported a quarterly EPS of $2.18, slightly exceeding analysts' expectations, with a revenue of $47.61 billion, down 2.3% from the previous year.
• The company declared a quarterly dividend of $1.71, indicating an annual yield of 4.42% and a dividend payout ratio of 78.17%.

Avantax Advisory Services Inc. lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 16.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 259,353 shares of the oil and gas company's stock after purchasing an additional 36,767 shares during the period. Avantax Advisory Services Inc.'s holdings in Chevron were worth $43,387,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Life Planning Partners Inc bought a new stake in shares of Chevron in the fourth quarter valued at about $25,000. 10Elms LLP bought a new stake in shares of Chevron in the fourth quarter valued at about $29,000. Navigoe LLC bought a new stake in shares of Chevron in the fourth quarter valued at about $33,000. IFS Advisors LLC lifted its holdings 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 valued at $36,000 after purchasing an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the first quarter valued at about $39,000. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVX. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Wells Fargo & Company upped their target price on Chevron from $165.00 to $178.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Finally, HSBC lowered Chevron from a "buy" rating to a "hold" rating and dropped their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $162.13.

Chevron Stock Performance

NYSE CVX traded up $1.45 during trading on Monday, reaching $156.29. 3,649,852 shares of the company's stock were exchanged, compared to its average volume of 9,469,922. The business has a 50 day moving average price of $145.12 and a 200-day moving average price of $148.82. The stock has a market capitalization of $272.93 billion, a P/E ratio of 17.85, a PEG ratio of 2.44 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. 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 quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business's revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.93 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share 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 dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.38%. Chevron's dividend payout ratio (DPR) 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.