Correct Capital Wealth Management Buys 4,837 Shares of Chevron Corporation (NYSE:CVX)

Correct Capital Wealth Management lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 68.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,917 shares of the oil and gas company's stock after purchasing an additional 4,837 shares during the period. Correct Capital Wealth Management's holdings in Chevron were worth $1,994,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CVX. Eagle Capital Management LLC boosted its holdings in shares of Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock worth $5,011,000 after buying an additional 242 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after purchasing an additional 2,641 shares during the period. Proficio Capital Partners LLC boosted its holdings in Chevron by 59.5% in the 4th quarter. Proficio Capital Partners LLC now owns 5,851 shares of the oil and gas company's stock valued at $847,000 after purchasing an additional 2,182 shares during the period. Inspire Advisors LLC boosted its holdings in Chevron by 8.1% in the 4th quarter. Inspire Advisors LLC now owns 4,499 shares of the oil and gas company's stock valued at $652,000 after purchasing an additional 338 shares during the period. Finally, Prosperity Financial Group Inc. boosted its holdings in Chevron by 6.2% in the 4th quarter. Prosperity Financial Group Inc. now owns 3,908 shares of the oil and gas company's stock valued at $566,000 after purchasing an additional 227 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 0.9%

NYSE CVX traded up $1.38 on Friday, hitting $155.55. The company's stock had a trading volume of 5,197,540 shares, compared to its average volume of 8,981,130. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company's 50-day moving average is $142.28 and its 200 day moving average is $148.33. The firm has a market cap of $271.66 billion, a PE ratio of 17.78, a PEG ratio of 2.59 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. During the same period in the prior year, the company posted $2.93 EPS. The company's revenue was down 2.3% on a year-over-year basis. As a group, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio is currently 78.17%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. TD Cowen cut their price objective on shares of Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a report on Monday, May 5th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Barclays upped their price target on shares of Chevron from $152.00 to $156.00 and gave the stock an "equal weight" rating in a report on Monday. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $165.00 price target (up previously from $164.00) on shares of Chevron in a report on Thursday, June 26th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $161.65.

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.