Cypress Asset Management Inc. TX Buys New Shares in Chevron Co. (NYSE:CVX)

Cypress Asset Management Inc. TX purchased a new position in shares of Chevron Co. (NYSE:CVX - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 13,083 shares of the oil and gas company's stock, valued at approximately $1,956,000.

Other hedge funds have also modified their holdings of the company. Life Planning Partners Inc acquired a new stake in shares of Chevron during the fourth quarter worth about $25,000. IMG Wealth Management Inc. purchased a new position in shares of Chevron in the 4th quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. purchased a new position in Chevron during the fourth quarter worth about $29,000. 10Elms LLP acquired a new stake in shares of Chevron in the 4th quarter valued at approximately $29,000. Finally, Fairway Wealth LLC grew its position in Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after buying an additional 88 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CVX shares. Barclays lowered shares of Chevron from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a report on Tuesday, May 6th. Truist Financial lowered their price target on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a report on Tuesday, February 4th. Mizuho reduced their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, Raymond James decreased their price target on Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $160.24.

Chevron Trading Up 1.1%

CVX stock traded up $1.45 during mid-day trading on Thursday, reaching $137.47. 4,334,660 shares of the stock traded hands, compared to its average volume of 8,068,162. Chevron Co. has a 52-week low of $132.04 and a 52-week high of $168.96. The stock's fifty day moving average is $143.01 and its 200-day moving average is $150.83. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a market cap of $240.08 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. Chevron's quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.93 earnings per share. As a group, sell-side analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.98%. Chevron's dividend payout ratio (DPR) is 78.17%.

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.