United Capital Management of KS Inc. Boosts Stake in Chevron Corporation (NYSE:CVX)

Key Points

• United Capital Management of KS Inc. increased its stake in Chevron by 12.7%, holding 40,006 shares valued at approximately $6.7 million, making Chevron its 24th largest holding.
• Analyst ratings for Chevron show a majority bullish outlook, with a consensus average target price of $164.11 and 11 analysts giving a buy rating.
• Chevron announced a quarterly dividend of $1.71 per share, with a yield of 4.4%, reflecting a payout ratio of 88.03%.

United Capital Management of KS Inc. grew its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 12.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,006 shares of the oil and gas company's stock after purchasing an additional 4,505 shares during the period. Chevron makes up approximately 1.4% of United Capital Management of KS Inc.'s investment portfolio, making the stock its 24th largest holding. United Capital Management of KS Inc.'s holdings in Chevron were worth $6,693,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd grew its stake in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. 10Elms LLP bought a new stake in shares of Chevron during the 4th quarter worth about $29,000. IFS Advisors LLC boosted its stake in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares in the last quarter. Navigoe LLC bought a new stake in shares of Chevron during the 4th quarter worth about $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron during the 1st quarter worth about $39,000. Institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

CVX has been the subject of several recent research reports. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Finally, Redburn Atlantic reissued a "sell" rating and issued a $124.00 price target (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Chevron has an average rating of "Hold" and an average price target of $164.11.

Chevron Trading Up 0.9%

Chevron stock traded up $1.36 during mid-day trading on Friday, hitting $156.52. The company's stock had a trading volume of 11,613,242 shares, compared to its average volume of 11,908,853. The stock has a market cap of $270.46 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The business has a 50 day moving average price of $150.13 and a 200-day moving average price of $148.54. 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 12 month low of $132.04 and a 12 month 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 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the company posted $2.55 earnings per share. The business's revenue for the quarter was down 12.4% on a year-over-year basis. As a group, analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

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