Morse Asset Management Inc Has $2.98 Million Stock Position in Chevron Corporation (NYSE:CVX)

Morse Asset Management Inc decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 23.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,785 shares of the oil and gas company's stock after selling 5,483 shares during the period. Morse Asset Management Inc's holdings in Chevron were worth $2,975,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CVX. Counterweight Ventures LLC boosted its position in shares of Chevron by 1.5% during the 1st quarter. Counterweight Ventures LLC now owns 5,915 shares of the oil and gas company's stock worth $990,000 after purchasing an additional 87 shares during the period. Elyxium Wealth LLC boosted its position in shares of Chevron by 316.0% during the 1st quarter. Elyxium Wealth LLC now owns 9,269 shares of the oil and gas company's stock worth $1,550,000 after purchasing an additional 7,041 shares during the period. OneAscent Family Office LLC boosted its position in shares of Chevron by 110.1% during the 1st quarter. OneAscent Family Office LLC now owns 4,898 shares of the oil and gas company's stock worth $820,000 after purchasing an additional 2,567 shares during the period. Berkeley Capital Partners LLC boosted its position in shares of Chevron by 3.3% during the 1st quarter. Berkeley Capital Partners LLC now owns 18,343 shares of the oil and gas company's stock worth $3,069,000 after purchasing an additional 586 shares during the period. Finally, Copperwynd Financial LLC boosted its position in Chevron by 12.0% in the 1st quarter. Copperwynd Financial LLC now owns 5,656 shares of the oil and gas company's stock valued at $946,000 after buying an additional 607 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CVX shares. Scotiabank reiterated a "sector perform" rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. TD Cowen lowered their target price on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Hsbc Global Res cut Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Piper Sandler reiterated an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, BNP Paribas lowered Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $161.31.

Chevron Stock Performance

Chevron stock traded up $0.82 during trading hours on Tuesday, hitting $150.50. 11,030,507 shares of the stock traded hands, compared to its average volume of 8,597,951. Chevron Corporation has a 1 year low of $132.04 and a 1 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 stock has a market capitalization of $262.84 billion, a price-to-earnings ratio of 17.20, a P/E/G ratio of 2.48 and a beta of 0.83. The firm's 50 day moving average price is $144.04 and its 200-day moving average price is $148.68.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $49.05 billion. During the same quarter in the prior year, the firm posted $2.93 EPS. The company's revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.54%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

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.