Econ Financial Services Corp Purchases New Position in Chevron Corporation (NYSE:CVX)

Econ Financial Services Corp purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,026 shares of the oil and gas company's stock, valued at approximately $2,346,000. Chevron makes up about 1.2% of Econ Financial Services Corp's portfolio, making the stock its 18th largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sage Capital Advisors llc increased its position 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 valued at $7,097,000 after acquiring an additional 919 shares in the last quarter. CCG Wealth Management LLC grew its position in Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares during the period. Pines Wealth Management LLC grew its position in Chevron by 3.3% in the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock worth $1,306,000 after purchasing an additional 253 shares during the period. Viking Fund Management LLC grew its position in Chevron by 9.3% in the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock worth $19,573,000 after purchasing an additional 10,000 shares during the period. Finally, Allianz SE bought a new stake in Chevron in the 4th quarter worth approximately $9,369,000. Institutional investors own 72.42% of the company's stock.

Chevron Stock Down 2.2%

CVX opened at $143.67 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm's fifty day moving average is $139.78 and its 200 day moving average is $148.49. The stock has a market cap of $250.90 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 2.58 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion for the quarter, compared to analysts' expectations of $49.05 billion. During the same quarter in the previous year, the company earned $2.93 EPS. Chevron's revenue for the quarter was down 2.3% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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 dividend yield of 4.76%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is 78.17%.

Analysts Set New Price Targets

A number of equities research analysts have commented on CVX shares. Wells Fargo & Company cut their target price on shares of Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Piper Sandler cut their target price on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Mizuho cut their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Scotiabank downgraded shares of 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 report on Friday, April 11th. Three research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $160.24.

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.

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