Global Wealth Management Investment Advisory Inc. Increases Stock Holdings in Chevron Corporation (NYSE:CVX)

Global Wealth Management Investment Advisory Inc. boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 66,028 shares of the oil and gas company's stock after purchasing an additional 2,639 shares during the quarter. Chevron comprises approximately 2.2% of Global Wealth Management Investment Advisory Inc.'s investment portfolio, making the stock its 11th largest position. Global Wealth Management Investment Advisory Inc.'s holdings in Chevron were worth $11,046,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CVX. IMG Wealth Management Inc. acquired a new position in Chevron in the 4th quarter valued at $25,000. Life Planning Partners Inc acquired a new position in Chevron in the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. acquired a new position in Chevron in the 4th quarter valued at $29,000. 10Elms LLP acquired a new position in Chevron in the 4th quarter valued at $29,000. Finally, Fairway Wealth LLC raised its stake in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock valued at $30,000 after purchasing an additional 88 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 0.2%

Shares of NYSE:CVX traded up $0.25 during midday trading on Friday, reaching $148.23. 5,173,309 shares of the company's stock were exchanged, compared to its average volume of 8,281,546. The firm's 50 day simple moving average is $141.16 and its two-hundred day simple moving average is $148.10. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The stock has a market cap of $258.86 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 2.51 and a beta of 0.83. 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 issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during 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 company's quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company earned $2.93 EPS. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors 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 4.61%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is 78.17%.

Analyst Ratings Changes

Several research analysts recently commented on CVX shares. Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Piper Sandler increased their price objective on Chevron from $162.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday. Redburn Atlantic reaffirmed a "sell" rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and cut their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $160.41.

Chevron 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.