Drive Wealth Management LLC Has $1.86 Million Stock Position in Chevron Corporation (NYSE:CVX)

Key Points

• Drive Wealth Management LLC has increased its stake in Chevron Corporation (CVX) by 77.2%, acquiring an additional 4,848 shares to reach a total of 11,129 shares worth approximately $1.86 million.
• Chevron reported earnings of $2.18 per share for the last quarter, exceeding analysts' estimates of $2.15, despite a 2.3% decrease in revenue year-over-year.
• Chevron announced a quarterly dividend of $1.71 per share, indicating a dividend yield of 4.39% and a payout ratio of 78.17%.

Drive Wealth Management LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 77.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,129 shares of the oil and gas company's stock after purchasing an additional 4,848 shares during the quarter. Drive Wealth Management LLC's holdings in Chevron were worth $1,862,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Life Planning Partners Inc acquired a new stake in shares of Chevron in the fourth quarter valued at about $25,000. 10Elms LLP acquired a new stake in Chevron during the 4th quarter worth $29,000. Navigoe LLC acquired a new stake in Chevron during the 4th quarter worth $33,000. IFS Advisors LLC grew its holdings in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the period. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron in the 1st quarter valued at $39,000. 72.42% of the stock is owned by institutional investors.

Chevron Trading Down 0.6%

Shares of CVX stock traded down $1.00 during trading hours on Friday, hitting $154.84. 7,872,671 shares of the company's stock traded hands, compared to its average volume of 12,051,790. The stock's 50 day simple moving average is $145.12 and its 200 day simple moving average is $148.82. The stock has a market cap of $270.40 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 2.44 and a beta of 0.83. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. 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 (NYSE:CVX - Get Free Report) last released 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 the consensus estimate of $49.05 billion. During the same quarter last year, the firm earned $2.93 earnings per share. The company's revenue for the quarter was down 2.3% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio is presently 78.17%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CVX. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and reduced their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. BNP Paribas lowered shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Finally, UBS Group decreased their target price on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $162.13.

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.