Chevron Corporation (NYSE:CVX) Shares Bought by Linscomb Wealth Inc.

Key Points

• Linscomb Wealth Inc. increased its stake in Chevron by 3.8% in the first quarter, owning 83,280 shares now valued at approximately $13.93 million.
• Chevron's recent quarterly earnings exceeded estimates with an EPS of $1.77, while revenue for the quarter was reported at $44.82 billion, down 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, resulting in an annualized dividend yield of 4.4%, with a dividend payout ratio of 88.03%.

Linscomb Wealth Inc. increased its position in Chevron Corporation (NYSE:CVX - Free Report) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,280 shares of the oil and gas company's stock after buying an additional 3,085 shares during the period. Chevron comprises 0.7% of Linscomb Wealth Inc.'s portfolio, making the stock its 20th largest holding. Linscomb Wealth Inc.'s holdings in Chevron were worth $13,932,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CVX. Harvest Fund Management Co. Ltd grew its holdings in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares during the period. 10Elms LLP purchased a new stake in Chevron in the fourth quarter valued at approximately $29,000. IFS Advisors LLC grew its holdings in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the period. Navigoe LLC purchased a new stake in Chevron in the fourth quarter valued at approximately $33,000. Finally, Cloud Capital Management LLC purchased a new stake in Chevron during the first quarter worth approximately $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Piper Sandler reiterated an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Mizuho decreased 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. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Morgan Stanley assumed coverage on shares of Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and a consensus target price of $164.11.

Chevron Stock Up 0.6%

CVX traded up $0.93 during trading on Tuesday, hitting $154.38. The company had a trading volume of 6,641,283 shares, compared to its average volume of 12,062,080. The company has a market cap of $266.77 billion, a PE ratio of 19.87, a P/E/G ratio of 2.30 and a beta of 0.87. The business has a 50-day moving average of $149.07 and a 200-day moving average of $148.55. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. 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 posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.55 earnings per share. As a group, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

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.