Chevron Corporation (NYSE:CVX) Stock Holdings Increased by Azimuth Capital Investment Management LLC

Key Points

• Azimuth Capital Investment Management LLC increased its holdings in Chevron by 22.6%, bringing its total to 98,364 shares valued at approximately $16.46 million.
• Chevron announced a quarterly dividend of $1.71, reflecting a 4.4% yield, with the ex-dividend date set for August 19th.
• Chevron's most recent earnings report showed an EPS of $1.77, surpassing expectations, but revenue fell 12.4% year-over-year to $44.82 billion.

Azimuth Capital Investment Management LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 22.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,364 shares of the oil and gas company's stock after acquiring an additional 18,123 shares during the period. Azimuth Capital Investment Management LLC's holdings in Chevron were worth $16,455,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its stake in shares of Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Northern Trust Corp raised its stake in shares of Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after buying an additional 1,394,091 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Chevron by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after buying an additional 211,023 shares in the last quarter. Invesco Ltd. raised its stake in shares of Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after buying an additional 827,851 shares in the last quarter. Finally, Capital World Investors raised its stake in shares of Chevron by 11.4% in 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 buying an additional 1,440,808 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CVX. TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. HSBC cut Chevron from a "buy" rating to a "hold" rating and decreased their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Piper Sandler restated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a report on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $164.11.

Chevron Stock Performance

Shares of NYSE CVX opened at $155.45 on Friday. The business's 50-day moving average price is $149.80 and its two-hundred day moving average price is $148.59. 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 one year low of $132.04 and a one year high of $168.96. The company has a market capitalization of $268.62 billion, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 2.34 and a beta of 0.87.

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

Chevron Announces Dividend

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

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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