FourThought Financial Partners LLC Has $21.21 Million Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• FourThought Financial Partners LLC increased its stake in Chevron Corporation by 17.6%, holding approximately $21.21 million worth of shares, making Chevron its 7th largest position.
• Chevron's recent earnings report exceeded expectations, with $2.18 earnings per share compared to a consensus estimate of $2.15, although revenue was slightly down compared to the previous year.
• Brokerages have recently downgraded Chevron's stock ratings, with HSBC lowering its price target from $176.00 to $158.00, while the consensus average rating is currently "Hold".

FourThought Financial Partners LLC lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 126,764 shares of the oil and gas company's stock after acquiring an additional 18,990 shares during the period. Chevron comprises approximately 2.2% of FourThought Financial Partners LLC's holdings, making the stock its 7th largest position. FourThought Financial Partners LLC's holdings in Chevron were worth $21,206,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Baron Silver Stevens Financial Advisors LLC boosted its holdings in Chevron by 7.0% in the 1st quarter. Baron Silver Stevens Financial Advisors LLC now owns 3,439 shares of the oil and gas company's stock valued at $575,000 after purchasing an additional 225 shares during the period. HB Wealth Management LLC raised its holdings in Chevron by 14.9% during the 1st quarter. HB Wealth Management LLC now owns 176,429 shares of the oil and gas company's stock worth $29,515,000 after buying an additional 22,911 shares during the period. Angeles Wealth Management LLC increased its holdings in Chevron by 4.6% during the first quarter. Angeles Wealth Management LLC now owns 10,273 shares of the oil and gas company's stock worth $1,719,000 after buying an additional 452 shares during the last quarter. Knights of Columbus Asset Advisors LLC increased its holdings in shares of Chevron by 21,406.1% in the first quarter. Knights of Columbus Asset Advisors LLC now owns 35,270 shares of the oil and gas company's stock valued at $5,900,000 after purchasing an additional 35,106 shares during the last quarter. Finally, Bell & Brown Wealth Advisors LLC grew its stake in shares of Chevron by 2.5% in the first quarter. Bell & Brown Wealth Advisors LLC now owns 28,857 shares of the oil and gas company's stock valued at $4,828,000 after acquiring an additional 703 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the subject of a number of research reports. BNP Paribas lowered shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Scotiabank reiterated a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. UBS Group decreased their price target on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and an average target price of $162.13.

Chevron Trading Down 1.1%

CVX traded down $1.71 during trading on Wednesday, hitting $155.32. 3,552,662 shares of the stock were exchanged, compared to its average volume of 9,443,956. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The firm has a market cap of $271.25 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 2.46 and a beta of 0.83. The firm has a 50 day simple moving average of $145.88 and a 200 day simple moving average of $148.89. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

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

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.40%. Chevron's payout ratio is 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.