CFO Capital Management LLC Invests $900,000 in Chevron Corporation $CVX

Key Points

• CFO Capital Management opened a new position in Chevron during the fourth quarter, buying 5,906 shares valued at about $900,000.
• Chevron reported Q1 earnings of $1.41 per share, beating estimates by $0.41, even as revenue of $47.56 billion came in below expectations.
• The company paid a quarterly dividend of $1.78 per share, implying an annualized yield of about 4.1%, while analysts currently rate the stock a Moderate Buy on average.

CFO Capital Management LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,906 shares of the oil and gas company's stock, valued at approximately $900,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Core Wealth Advisors LLC purchased a new position in shares of Chevron in the 4th quarter worth about $26,000. Phillip James Consulting Co. purchased a new position in shares of Chevron during the 4th quarter valued at about $26,000. Basso Capital Management L.P. bought a new stake in Chevron in the 4th quarter worth approximately $27,000. Karpus Management Inc. purchased a new stake in Chevron in the fourth quarter worth approximately $27,000. Finally, Quattro Advisors LLC bought a new position in Chevron during the fourth quarter valued at approximately $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of Chevron stock opened at $173.51 on Friday. The firm has a market cap of $345.56 billion, a PE ratio of 30.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48. Chevron Corporation has a 12-month low of $142.40 and a 12-month high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The company's fifty day simple moving average is $186.63 and its two-hundred day simple moving average is $179.01.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the prior year, the company posted $2.18 EPS. Chevron's quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts expect that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is 123.40%.

Insider Buying and Selling at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the transaction, the insider owned 8,638 shares of the company's stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 380,000 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 615,200 shares of company stock worth $118,022,760 over the last three months. Corporate insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Piper Sandler boosted their price target on shares of Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Sanford C. Bernstein cut their price target on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research report on Monday, May 11th. Tudor Pickering raised Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective on the stock in a research note on Thursday, April 9th. Finally, HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective on the stock in a report on Friday, March 20th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and an average target price of $205.70.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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