Novem Group Buys Shares of 7,813 Chevron Co. (NYSE:CVX)

Novem Group purchased a new position in shares of Chevron Co. (NYSE:CVX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 7,813 shares of the oil and gas company's stock, valued at approximately $1,132,000.

A number of other hedge funds also recently modified their holdings of CVX. TFB Advisors LLC boosted its holdings in shares of Chevron by 2.4% in the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company's stock valued at $411,000 after buying an additional 66 shares during the period. W.H. Cornerstone Investments Inc. lifted its position in Chevron by 1.4% in the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company's stock valued at $677,000 after acquiring an additional 66 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Chevron by 0.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company's stock worth $2,207,000 after purchasing an additional 66 shares during the period. Western Pacific Wealth Management LP increased its holdings in Chevron by 14.9% during the 4th quarter. Western Pacific Wealth Management LP now owns 517 shares of the oil and gas company's stock worth $75,000 after purchasing an additional 67 shares in the last quarter. Finally, Berkeley Capital Partners LLC raised its stake in shares of Chevron by 0.4% in the 4th quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company's stock valued at $2,572,000 after purchasing an additional 67 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Down 0.9%

Shares of CVX stock opened at $137.21 on Wednesday. Chevron Co. has a 52-week low of $132.04 and a 52-week high of $168.96. The stock has a market cap of $239.62 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.46 and a beta of 0.83. The firm's 50-day moving average is $146.04 and its 200-day moving average is $151.61. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the company earned $2.93 earnings per share. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. Sell-side analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date is Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CVX shares. Scotiabank cut Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Piper Sandler reduced their price target on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Royal Bank of Canada reiterated an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. UBS Group reduced their target price on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday, April 7th. Finally, Truist Financial decreased their target price on shares of Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $160.24.

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.

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