Cary Street Partners Financial LLC Buys 21,856 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Cary Street Partners Financial LLC increased its stake in Chevron Corporation by 34.3%, acquiring an additional 21,856 shares to reach a total of 85,528 shares valued at approximately $14.3 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, representing an annualized dividend of $6.84 and a yield of 4.5%.
• Wall Street analysts have mixed ratings on Chevron, with a consensus rating of "Hold" and a price target averaging $164.11, reflecting a range of estimates from $130.00 to $188.00.

Cary Street Partners Financial LLC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 34.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 85,528 shares of the oil and gas company's stock after purchasing an additional 21,856 shares during the quarter. Cary Street Partners Financial LLC's holdings in Chevron were worth $14,308,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd increased its stake in shares of 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 during the period. 10Elms LLP purchased a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. Navigoe LLC purchased a new position in shares of Chevron during the fourth quarter valued at approximately $33,000. IFS Advisors LLC increased its stake in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new position in shares of Chevron during the first quarter valued at approximately $39,000. Institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CVX. Mizuho reduced their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. HSBC cut Chevron from a "buy" rating to a "hold" rating and reduced their price target for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $164.11.

Chevron Trading Down 0.4%

NYSE CVX opened at $150.81 on Tuesday. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market cap of $263.37 billion, a P/E ratio of 19.41, a P/E/G ratio of 2.31 and a beta of 0.87. The stock's fifty day moving average price is $147.14 and its 200-day moving average price is $148.65. 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 released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The company's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.55 earnings per share. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm 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 dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

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.

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