HB Wealth Management LLC Acquires 22,911 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• HB Wealth Management LLC increased its stake in Chevron Corporation by 14.9%, owning 176,429 shares valued at approximately $29.5 million after acquiring additional shares in the first quarter.
• Chevron recently reported an earnings per share (EPS) of $2.18 for the last quarter, exceeding analysts' estimates of $2.15, despite a 2.3% decline in revenue year-over-year.
• The company announced a quarterly dividend of $1.71 per share, with a current annualized yield of 4.42% and a dividend payout ratio of 78.17%.

HB Wealth Management LLC boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 14.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 176,429 shares of the oil and gas company's stock after buying an additional 22,911 shares during the quarter. HB Wealth Management LLC's holdings in Chevron were worth $29,515,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after buying an additional 5,382,847 shares in the last quarter. Capital World Investors grew its holdings in Chevron by 11.4% during the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock worth $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. Northern Trust Corp raised its stake in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Invesco Ltd. boosted its holdings in Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after acquiring an additional 964,426 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Chevron by 27.3% in the fourth quarter. Janus Henderson Group PLC now owns 3,897,183 shares of the oil and gas company's stock worth $564,503,000 after purchasing an additional 835,990 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of Chevron stock traded down $2.05 on Wednesday, hitting $154.98. 3,344,952 shares of the company traded hands, compared to its average volume of 9,441,852. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The company has a market cap of $270.66 billion, a P/E ratio of 17.71, a P/E/G ratio of 2.46 and a beta of 0.83. The firm's 50-day simple moving average is $145.88 and its 200 day simple moving average is $148.89. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its 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 return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the previous year, the company posted $2.93 EPS. Chevron's revenue for the quarter was down 2.3% on a year-over-year basis. Analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.41%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is currently 78.17%.

Wall Street Analyst Weigh In

CVX has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on Chevron from $165.00 to $178.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. TD Cowen reduced their price target on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research report on Monday, May 5th. BNP Paribas lowered Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Mizuho dropped their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Chevron presently has an average rating of "Hold" and a consensus target price of $162.13.

Chevron 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.