Davis Investment Partners LLC Grows Stake in Chevron Co. (NYSE:CVX)

Davis Investment Partners LLC raised its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 162.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,906 shares of the oil and gas company's stock after buying an additional 3,655 shares during the quarter. Davis Investment Partners LLC's holdings in Chevron were worth $988,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sage Capital Advisors llc grew its holdings in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares in the last quarter. Pines Wealth Management LLC boosted its stake in Chevron by 3.3% in the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock worth $1,306,000 after buying an additional 253 shares in the last quarter. Viking Fund Management LLC boosted its stake in Chevron by 9.3% in the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock worth $19,573,000 after buying an additional 10,000 shares in the last quarter. Allianz SE purchased a new stake in Chevron in the fourth quarter worth approximately $9,369,000. Finally, Nicholas Company Inc. boosted its stake in Chevron by 4.3% in the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after buying an additional 3,280 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on CVX shares. Scotiabank lowered Chevron from a "sector outperform" rating to a "sector perform" rating and cut their target price for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Redburn Atlantic reaffirmed a "sell" rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Wells Fargo & Company lowered their price objective on Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and lowered their price objective for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $160.24.

Chevron Trading Up 0.5%

Shares of Chevron stock traded up $0.77 during midday trading on Friday, reaching $145.74. 14,126,704 shares of the company's stock traded hands, compared to its average volume of 8,182,686. The company has a market cap of $254.52 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The stock has a 50 day moving average of $138.53 and a 200-day moving average of $149.11. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

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

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid 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 4.69%. Chevron's payout ratio is 78.17%.

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.