Miracle Mile Advisors LLC Raises Holdings in Chevron Co. (NYSE:CVX)

Miracle Mile Advisors LLC increased its position in Chevron Co. (NYSE:CVX - Free Report) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 73,307 shares of the oil and gas company's stock after buying an additional 3,361 shares during the quarter. Miracle Mile Advisors LLC's holdings in Chevron were worth $12,264,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in CVX. Life Planning Partners Inc purchased a new position in Chevron in the fourth quarter valued at about $25,000. IMG Wealth Management Inc. purchased a new position in Chevron in the fourth quarter valued at about $25,000. Mizuho Securities Co. Ltd. purchased a new position in Chevron in the fourth quarter valued at about $29,000. 10Elms LLP purchased a new position in Chevron in the fourth quarter valued at about $29,000. Finally, Fairway Wealth LLC raised its position in Chevron by 75.9% in the fourth 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 period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $140.21 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $138.98 and a two-hundred day moving average of $149.73. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market cap of $244.86 billion, a P/E ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results 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. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the previous year, the firm posted $2.93 earnings per share. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. As a group, analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.88%. Chevron's payout ratio is currently 78.17%.

Analyst Ratings Changes

Several research analysts have commented on the company. BNP Paribas lowered Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Wells Fargo & Company dropped their target price on Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, HSBC lowered Chevron from a "buy" rating to a "hold" rating and dropped their target price for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $160.24.

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.

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