CCM Investment Group LLC Takes Position in Chevron Corporation (NYSE:CVX)

Key Points

• CCM Investment Group LLC has acquired a new stake in Chevron Corporation, purchasing 45,838 shares valued at approximately $7.6 million, representing 0.8% of its investment portfolio.
• Chevron announced a quarterly dividend of $1.71 per share, which will be paid on September 10th, translating to an annualized dividend of $6.84 and a dividend yield of 4.4%.
• Chevron's recent quarterly earnings showed an EPS of $1.77, exceeding expectations, although revenue decreased by 12.4% compared to the previous year.

CCM Investment Group LLC acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 45,838 shares of the oil and gas company's stock, valued at approximately $7,613,000. Chevron comprises about 0.8% of CCM Investment Group LLC's investment portfolio, making the stock its 13th largest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Eagle Capital Management LLC raised its stake in shares of Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after acquiring an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Chevron by 7.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after buying an additional 2,641 shares during the period. Jaffetilchin Investment Partners LLC increased its position in shares of Chevron by 74.9% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 11,058 shares of the oil and gas company's stock worth $1,602,000 after buying an additional 4,734 shares during the period. Petros Family Wealth LLC acquired a new stake in shares of Chevron during the fourth quarter worth $228,000. Finally, Qtron Investments LLC increased its position in shares of Chevron by 2.0% during the fourth quarter. Qtron Investments LLC now owns 16,454 shares of the oil and gas company's stock worth $2,383,000 after buying an additional 315 shares during the period. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CVX. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Mizuho reduced their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $164.11.

Chevron Trading Up 0.6%

NYSE CVX traded up $0.93 during trading on Tuesday, hitting $154.38. The company had a trading volume of 6,641,283 shares, compared to its average volume of 12,062,080. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company's fifty day moving average is $149.07 and its 200-day moving average is $148.55. The company has a market cap of $266.77 billion, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 2.30 and a beta of 0.87. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the business earned $2.55 EPS. On average, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 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.