Clark Asset Management LLC Acquires Shares of 1,813 Chevron Corporation (NYSE:CVX)

Clark Asset Management LLC purchased a new position in Chevron Corporation (NYSE:CVX - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,813 shares of the oil and gas company's stock, valued at approximately $303,000.

A number of other hedge funds have also made changes to their positions in CVX. Resonant Capital Advisors LLC increased its holdings in Chevron by 4.7% in the first quarter. Resonant Capital Advisors LLC now owns 35,832 shares of the oil and gas company's stock worth $5,994,000 after buying an additional 1,602 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Chevron by 9.3% in the first quarter. Teacher Retirement System of Texas now owns 578,975 shares of the oil and gas company's stock worth $96,857,000 after buying an additional 49,319 shares during the last quarter. Lodestone Wealth Management LLC increased its holdings in Chevron by 0.8% in the first quarter. Lodestone Wealth Management LLC now owns 11,056 shares of the oil and gas company's stock worth $1,850,000 after buying an additional 93 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Chevron by 2.9% in the first quarter. First Horizon Advisors Inc. now owns 101,693 shares of the oil and gas company's stock worth $17,012,000 after buying an additional 2,878 shares during the last quarter. Finally, Revisor Wealth Management LLC increased its holdings in Chevron by 79.2% in the first quarter. Revisor Wealth Management LLC now owns 3,545 shares of the oil and gas company's stock worth $593,000 after buying an additional 1,567 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVX. BNP Paribas downgraded Chevron to a "cautious" rating in a report on Tuesday, April 15th. Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the company from $160.00 to $143.00 in a report on Friday, April 11th. Piper Sandler increased their price target on Chevron from $162.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, TD Cowen lowered their price target on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Chevron currently has an average rating of "Hold" and a consensus price target of $160.41.

Chevron Stock Performance

CVX stock traded up $0.25 during midday trading on Thursday, hitting $148.23. The stock had a trading volume of 5,173,309 shares, compared to its average volume of 8,273,025. The firm has a market capitalization of $258.86 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 2.52 and a beta of 0.83. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a 50-day simple moving average of $140.78 and a 200 day simple moving average of $148.08. 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 earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business earned $2.93 earnings per share. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.61%. Chevron's dividend payout ratio (DPR) is currently 78.17%.

About Chevron

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.