Metis Global Partners LLC Raises Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Metis Global Partners LLC increased its stake in Chevron Corporation by 10.9% during the 1st quarter, acquiring an additional 10,312 shares to reach a total of 104,560 shares valued at approximately $17.5 million.
• Analysts have varied ratings for Chevron, with the stock currently holding a consensus rating of "Hold" and an average target price of $162.13, while recent price targets range from $150.00 to $185.00.
• Citing recent performance, Chevron's stock has seen movement with a 0.6% decline on a recent trading day, and its quarterly earnings included an EPS of $2.18, beating estimates but reflecting a 2.3% year-over-year revenue decrease.

Metis Global Partners LLC boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 10.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,560 shares of the oil and gas company's stock after acquiring an additional 10,312 shares during the period. Chevron accounts for 0.5% of Metis Global Partners LLC's portfolio, making the stock its 29th largest position. Metis Global Partners LLC's holdings in Chevron were worth $17,492,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Northern Trust Corp boosted its holdings in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock valued at $2,502,850,000 after acquiring an additional 79,917 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after acquiring an additional 211,023 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after acquiring an additional 964,426 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Down 1.0%

Shares of Chevron stock traded down $1.54 on Thursday, hitting $152.02. 4,790,645 shares of the company's stock traded hands, compared to its average volume of 9,451,151. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. 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 company has a fifty day moving average of $146.24 and a two-hundred day moving average of $148.93. The company has a market capitalization of $265.48 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 2.47 and a beta of 0.83.

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

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CVX shares. Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. UBS Group dropped their target price on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. BNP Paribas downgraded Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Redburn Atlantic reiterated a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, Piper Sandler restated an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and ten 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 $163.18.

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.