Chevron Corporation (NYSE:CVX) Shares Bought by LPL Financial LLC

Key Points

• LPL Financial LLC increased its holdings in Chevron Corporation by 6.4%, now owning 3,553,406 shares valued at approximately $594 million.
• Certain institutional investors have also increased their stakes, with IFS Advisors LLC boosting their position by 119.6% and Investment Management Corp VA ADV raising theirs by 171.3% in the first quarter.
• Chevron reported earnings of $2.18 per share for the last quarter, exceeding estimates but with revenue down 2.3% year-over-year at $47.61 billion.

LPL Financial LLC increased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 6.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,553,406 shares of the oil and gas company's stock after acquiring an additional 215,298 shares during the quarter. LPL Financial LLC owned about 0.20% of Chevron worth $594,449,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Eagle Capital Management LLC lifted its position in shares of Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after buying an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Chevron by 7.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after buying an additional 2,641 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Chevron during the 4th quarter valued at about $5,590,000. RiverFront Investment Group LLC lifted its position in shares of Chevron by 34.9% during the 4th quarter. RiverFront Investment Group LLC now owns 88,823 shares of the oil and gas company's stock valued at $12,865,000 after buying an additional 22,979 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Chevron by 49.2% during the 4th quarter. Brown Brothers Harriman & Co. now owns 81,856 shares of the oil and gas company's stock valued at $11,856,000 after buying an additional 26,999 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. BNP Paribas cut Chevron to a "cautious" rating in a research report on Tuesday, April 15th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and decreased their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday. Wells Fargo & Company lifted their price objective on Chevron from $165.00 to $178.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $163.18.

Chevron Stock Down 0.9%

Shares of CVX stock traded down $1.42 during mid-day trading on Thursday, hitting $152.14. The stock had a trading volume of 4,437,264 shares, compared to its average volume of 9,448,859. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market capitalization of $265.70 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 2.47 and a beta of 0.83. The firm's 50-day moving average is $146.24 and its two-hundred day moving average is $148.93. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. During the same period in the prior year, the business earned $2.93 EPS. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.50%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is 78.17%.

Chevron Company 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.