Norden Group LLC Increases Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Norden Group LLC increased its stake in Chevron Corporation by 32.7%, owning a total of 24,978 shares valued at approximately $4.18 million at the end of the recent quarter.
• Chevron reported a Q1 EPS of $2.18, beating the consensus estimate by $0.03, but its revenue of $47.61 billion fell short of expectations.
• The company recently declared a quarterly dividend of $1.71 per share, yielding 4.42%, and has a payout ratio of 78.17%.

Norden Group LLC increased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 32.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,978 shares of the oil and gas company's stock after buying an additional 6,160 shares during the quarter. Norden Group LLC's holdings in Chevron were worth $4,178,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Life Planning Partners Inc bought a new position in shares of Chevron during the fourth quarter valued at about $25,000. 10Elms LLP purchased a new stake in Chevron in the 4th quarter valued at about $29,000. Navigoe LLC purchased a new stake in Chevron in the 4th quarter valued at about $33,000. IFS Advisors LLC lifted its position in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new position in shares of Chevron during the 1st quarter worth approximately $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

CVX opened at $154.84 on Monday. The firm has a 50-day moving average price of $145.12 and a 200-day moving average price of $148.82. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $270.40 billion, a price-to-earnings ratio of 17.70, a PEG ratio of 2.44 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period last year, the firm earned $2.93 EPS. Chevron's revenue for the quarter was down 2.3% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.42%. Chevron's payout ratio is 78.17%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVX. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research report on Tuesday, May 6th. Piper Sandler reiterated an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. TD Cowen cut their price target on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Finally, Wells Fargo & Company increased their price target on shares of Chevron from $165.00 to $178.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Chevron presently has an average rating of "Hold" and an average price target of $162.13.

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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