Perennial Advisors LLC Takes Position in Chevron Co. (NYSE:CVX)

Perennial Advisors LLC purchased a new stake in Chevron Co. (NYSE:CVX - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,184 shares of the oil and gas company's stock, valued at approximately $867,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Life Planning Partners Inc purchased a new position in shares of Chevron in the 4th quarter valued at approximately $25,000. IMG Wealth Management Inc. purchased a new stake in Chevron during the fourth quarter worth $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron during the fourth quarter worth $29,000. 10Elms LLP purchased a new stake in Chevron during the fourth quarter worth $29,000. Finally, Fairway Wealth LLC raised its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 88 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

NYSE:CVX traded up $3.31 during trading hours on Friday, reaching $140.21. 6,555,988 shares of the stock were exchanged, compared to its average volume of 8,131,049. The stock has a market capitalization of $244.86 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.46 and a beta of 0.83. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. 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 firm has a 50 day simple moving average of $138.98 and a 200-day simple moving average of $149.73.

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

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of analyst reports. Barclays cut Chevron from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a research note on Tuesday, May 6th. Redburn Atlantic restated a "sell" rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. UBS Group lowered their target price on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Piper Sandler lowered their target price on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $160.24.

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.