Chevron Corporation (NYSE:CVX) Position Boosted by ZWJ Investment Counsel Inc.

ZWJ Investment Counsel Inc. raised its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 240,877 shares of the oil and gas company's stock after purchasing an additional 7,011 shares during the period. Chevron comprises about 1.6% of ZWJ Investment Counsel Inc.'s portfolio, making the stock its 25th largest holding. ZWJ Investment Counsel Inc.'s holdings in Chevron were worth $40,296,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Norges Bank bought a new stake in Chevron during the fourth quarter valued at $3,017,750,000. Northern Trust Corp increased its stake in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Chevron by 0.5% during the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock worth $2,502,850,000 after acquiring an additional 79,917 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Chevron by 1.3% during the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after acquiring an additional 211,023 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Price Performance

CVX stock traded up $0.25 during trading on Thursday, hitting $148.23. The company had a trading volume of 5,173,309 shares, compared to its average volume of 8,273,025. The firm has a market capitalization of $258.86 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 2.52 and a beta of 0.83. The business has a 50 day moving average of $140.78 and a 200 day moving average of $148.08. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week 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.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the prior year, the company earned $2.93 EPS. Chevron's revenue was down 2.3% on a year-over-year basis. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.61%. Chevron's dividend payout ratio (DPR) is 78.17%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CVX shares. Scotiabank lowered shares of Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Wells Fargo & Company restated 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 Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Piper Sandler upped their price target on shares of Chevron from $162.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, UBS Group lowered their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $160.41.

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.