Financial Gravity Asset Management Inc. Makes New Investment in Chevron Corporation (NYSE:CVX)

Financial Gravity Asset Management Inc. purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,613 shares of the oil and gas company's stock, valued at approximately $604,000.

A number of other hedge funds have also modified their holdings of the stock. IMG Wealth Management Inc. acquired a new stake in shares of Chevron during the 4th quarter valued at about $25,000. Life Planning Partners Inc acquired a new stake in Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in Chevron in the fourth quarter valued at approximately $29,000. 10Elms LLP bought a new stake in Chevron in the fourth quarter worth approximately $29,000. Finally, Navigoe LLC acquired a new position in shares of Chevron during the 4th quarter worth $33,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CVX. Mizuho reduced their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a research note on Tuesday, May 6th. BNP Paribas lowered Chevron to a "cautious" rating in a report on Tuesday, April 15th. UBS Group reduced their target price on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday, April 7th. Finally, Scotiabank upped their target price on Chevron from $143.00 to $160.00 and gave the stock a "sector perform" rating in a research report on Friday. 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $161.65.

Chevron Stock Performance

Shares of NYSE:CVX traded up $1.21 on Friday, hitting $155.38. 8,332,244 shares of the company were exchanged, compared to its average volume of 8,359,711. The company's 50 day moving average price is $142.62 and its two-hundred day moving average price is $148.41. The firm has a market capitalization of $271.35 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 2.61 and a beta of 0.83. 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 one year low of $132.04 and a one year high of $168.96.

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, topping analysts' consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the business earned $2.93 earnings per share. Research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date 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.