Kovitz Investment Group Partners LLC Purchases 24,282 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Chevron Corporation by 9.3% during the first quarter, now holding 286,142 shares valued at approximately $47.87 million.
• Chevron's stock has seen price targets set by analysts ranging from $124 to $174, with a consensus price target of $164.11 and an average rating of "Hold".
• The company recently announced a quarterly dividend of $1.71 per share, reflecting an annualized yield of 4.4% and a payout ratio of 88.03%.

Kovitz Investment Group Partners LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 9.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 286,142 shares of the oil and gas company's stock after acquiring an additional 24,282 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Chevron were worth $47,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Sage Capital Advisors llc increased its stake in Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC lifted its holdings in Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares in the last quarter. Ignite Planners LLC lifted its holdings in Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after purchasing an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. lifted its stake in shares of Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on CVX. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a research report on Tuesday, May 6th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Redburn Atlantic reaffirmed a "sell" rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. TD Cowen increased their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Finally, Scotiabank restated a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. 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. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $164.11.

Chevron Trading Up 0.9%

CVX traded up $1.36 during midday trading on Friday, reaching $156.52. 11,613,242 shares of the company's stock traded hands, compared to its average volume of 11,908,853. The firm has a fifty day moving average of $149.80 and a two-hundred day moving average of $148.59. The stock has a market capitalization of $270.46 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 2.33 and a beta of 0.87. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the business posted $2.55 EPS. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

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.