Orca Investment Management LLC Purchases Shares of 1,778 Chevron Corporation (NYSE:CVX)

Key Points

• Orca Investment Management LLC acquired 1,778 shares of Chevron Corporation, valued at approximately $297,000, reflecting growing interest among institutional investors.
• Chevron reported $2.18 earnings per share for the quarter, slightly exceeding analysts' estimates, despite a 2.3% year-over-year revenue decline.
• The company recently declared a quarterly dividend of $1.71, with an annualized dividend yield of 4.42%, contributing to a payout ratio of 78.17%.

Orca Investment Management LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,778 shares of the oil and gas company's stock, valued at approximately $297,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. TCW Group Inc. raised its position in Chevron by 6.6% in the first quarter. TCW Group Inc. now owns 159,984 shares of the oil and gas company's stock worth $26,764,000 after purchasing an additional 9,846 shares in the last quarter. Horan Capital Advisors LLC. increased its holdings in shares of Chevron by 6.9% during the first quarter. Horan Capital Advisors LLC. now owns 4,407 shares of the oil and gas company's stock worth $737,000 after buying an additional 286 shares in the last quarter. Sterling Investment Advisors Ltd. increased its holdings in shares of Chevron by 1.6% during the first quarter. Sterling Investment Advisors Ltd. now owns 26,609 shares of the oil and gas company's stock worth $4,451,000 after buying an additional 423 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Chevron by 6.4% during the first quarter. LPL Financial LLC now owns 3,553,406 shares of the oil and gas company's stock worth $594,449,000 after buying an additional 215,298 shares in the last quarter. Finally, Mitchell Sinkler & Starr PA increased its holdings in shares of Chevron by 5.2% during the first quarter. Mitchell Sinkler & Starr PA now owns 14,028 shares of the oil and gas company's stock worth $2,347,000 after buying an additional 695 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Down 1.0%

CVX traded down $1.49 during mid-day trading on Thursday, hitting $152.07. The stock had a trading volume of 4,790,645 shares, compared to its average volume of 9,451,151. The stock's fifty day simple moving average is $146.24 and its 200-day simple moving average is $148.93. 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 firm has a market capitalization of $265.57 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 Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

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

Chevron Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.50%. Chevron's payout ratio is 78.17%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. UBS Group dropped their price objective 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. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Evercore ISI reissued an "outperform" rating and set a $180.00 price target on shares of Chevron in a research note on Thursday. Finally, Mizuho decreased their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target 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.