Forvis Mazars Wealth Advisors LLC Buys 2,349 Shares of Chevron Corporation $CVX

Key Points

• Forvis Mazars Wealth Advisors LLC raised its stake in Chevron Corporation by 5.0% in Q1, holding 49,351 shares worth approximately $8.26 million at the end of the reporting period.
• Chevron reported an EPS of $1.77 for the latest quarter, exceeding analysts' estimates of $1.58, despite a 12.4% decrease in revenue year-over-year.
• The company declared a quarterly dividend of $1.71 per share with an annualized yield of 4.4%, scheduled for payment on September 10th.

Forvis Mazars Wealth Advisors LLC raised its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,351 shares of the oil and gas company's stock after acquiring an additional 2,349 shares during the quarter. Forvis Mazars Wealth Advisors LLC's holdings in Chevron were worth $8,256,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CVX. Sage Capital Advisors llc increased its holdings in Chevron by 2.2% in 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 buying an additional 919 shares during the last quarter. CCG Wealth Management LLC increased its holdings in shares of 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 valued at $1,060,000 after acquiring an additional 145 shares during the last quarter. Ignite Planners LLC increased its holdings in shares of Chevron by 14.1% in the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after acquiring an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. raised its position in shares of Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after acquiring an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

CVX stock traded up $0.8990 during trading on Wednesday, hitting $152.8990. The company had a trading volume of 8,073,743 shares, compared to its average volume of 8,828,725. The business has a 50 day moving average of $150.76 and a 200 day moving average of $148.59. The firm has a market capitalization of $264.21 billion, a price-to-earnings ratio of 19.68, a P/E/G ratio of 2.25 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 EPS. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Analysts Set New Price Targets

Several research analysts have recently commented on CVX shares. UBS Group lifted their price target on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Melius initiated coverage on Chevron in a research report on Wednesday. They set a "hold" rating and a $155.00 price objective for the company. Finally, Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $163.95.

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.