Chevron Corporation (NYSE:CVX) Shares Purchased by Correct Capital Wealth Management

Correct Capital Wealth Management grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 68.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 11,917 shares of the oil and gas company's stock after buying an additional 4,837 shares during the quarter. Correct Capital Wealth Management's holdings in Chevron were worth $1,994,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC increased its stake in Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Norges Bank purchased a new position in Chevron in the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp increased its stake in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. increased its position in Chevron by 0.5% during the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock worth $2,502,850,000 after buying an additional 79,917 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Chevron by 1.3% during the fourth 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 during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CVX. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research report on Tuesday, May 6th. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Mizuho cut their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, HSBC lowered Chevron from a "buy" rating to a "hold" rating and cut their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $160.65.

Chevron Stock Performance

Shares of NYSE:CVX traded up $1.18 during trading on Thursday, reaching $154.20. The company had a trading volume of 8,389,843 shares, compared to its average volume of 8,351,329. The firm has a market capitalization of $269.29 billion, a price-to-earnings ratio of 17.62, a price-to-earnings-growth ratio of 2.59 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The stock's fifty day moving average price is $141.92 and its 200 day moving average price is $148.25. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's dividend payout ratio is presently 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.