Benchmark Financial Wealth Advisors LLC Acquires New Position in Chevron Corporation (NYSE:CVX)

Benchmark Financial Wealth Advisors LLC acquired a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,783 shares of the oil and gas company's stock, valued at approximately $298,000.

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

Chevron Price Performance

CVX stock traded up $2.34 on Wednesday, hitting $147.91. 8,227,091 shares of the company's stock traded hands, compared to its average volume of 8,265,387. The stock has a market cap of $258.31 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 2.48 and a beta of 0.83. Chevron Corporation has a 1-year low of $132.04 and a 1-year 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. The stock has a fifty day moving average of $140.56 and a 200-day moving average of $148.08.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping 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 business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same period last year, the company posted $2.93 EPS. The company's revenue was down 2.3% compared to the same quarter last year. On average, analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.62%. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Barclays downgraded shares of Chevron from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Wells Fargo & Company reaffirmed an "overweight" rating and set a $165.00 price target (up previously from $164.00) on shares of Chevron in a research report on Thursday, June 26th. HSBC lowered Chevron from a "buy" rating to a "hold" rating and lowered their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the company from $160.00 to $143.00 in a report on Friday, April 11th. Finally, Piper Sandler upped their price target on Chevron from $162.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday. 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. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $160.41.

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.