Chevron Corporation (NYSE:CVX) Shares Bought by Empower Advisory Group LLC

Key Points

• Empower Advisory Group LLC increased its stake in Chevron Corporation by 3.4% during the first quarter, holding 747,825 shares valued at approximately $125 million.
• Chevron recently reported earnings of $1.77 per share, beating expectations, but revenue was down 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71, representing an annualized dividend of $6.84 and a yield of 4.5%.

Empower Advisory Group LLC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 747,825 shares of the oil and gas company's stock after buying an additional 24,822 shares during the quarter. Empower Advisory Group LLC's holdings in Chevron were worth $125,104,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Costello Asset Management INC grew its holdings in shares of Chevron by 1.1% in the first quarter. Costello Asset Management INC now owns 13,153 shares of the oil and gas company's stock valued at $2,200,000 after purchasing an additional 138 shares during the period. Aquire Wealth Advisors LLC acquired a new position in Chevron in the 1st quarter valued at about $218,000. Commonwealth Retirement Investments LLC grew its position in Chevron by 43.4% in the first quarter. Commonwealth Retirement Investments LLC now owns 53,928 shares of the oil and gas company's stock worth $9,022,000 after acquiring an additional 16,320 shares during the period. Cary Street Partners Financial LLC raised its position in Chevron by 34.3% in the first quarter. Cary Street Partners Financial LLC now owns 85,528 shares of the oil and gas company's stock valued at $14,308,000 after purchasing an additional 21,856 shares during the period. Finally, Thoroughbred Financial Services LLC grew its holdings in shares of Chevron by 7.4% during the 1st quarter. Thoroughbred Financial Services LLC now owns 47,537 shares of the oil and gas company's stock worth $7,952,000 after purchasing an additional 3,286 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.4%

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

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron's dividend payout ratio (DPR) is 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research analyst reports. Scotiabank restated a "sector perform" rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Piper Sandler reissued an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Mizuho decreased their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Evercore ISI reissued an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $164.11.

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.

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