Plan Group Financial LLC Grows Position in Chevron Corporation (NYSE:CVX)

Key Points

• Plan Group Financial LLC increased its Chevron Corporation holdings by 96.4%, acquiring an additional 8,944 shares, which accounts for approximately 1.1% of its portfolio, now valued at $3,049,000.
• The company reported $1.77 EPS for the most recent quarter, exceeding analysts' expectations, although its revenue was down 12.4% year-over-year at $44.82 billion.
• Chevron announced a quarterly dividend of $1.71 per share, translating to an annualized dividend of $6.84 and a yield of 4.5%, payable on September 10th.

Plan Group Financial LLC increased its position in Chevron Corporation (NYSE:CVX - Free Report) by 96.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,224 shares of the oil and gas company's stock after buying an additional 8,944 shares during the period. Chevron accounts for about 1.1% of Plan Group Financial LLC's investment portfolio, making the stock its 24th biggest position. Plan Group Financial LLC's holdings in Chevron were worth $3,049,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd increased its position in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 122 shares during the last quarter. 10Elms LLP bought a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. Navigoe LLC purchased a new stake in shares of Chevron in the fourth quarter worth approximately $33,000. IFS Advisors LLC boosted its holdings in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares during the period. Finally, Cloud Capital Management LLC bought a new position in shares of Chevron in the first quarter worth about $39,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

NYSE:CVX traded down $0.22 during trading hours on Wednesday, hitting $152.82. 7,838,780 shares of the company were exchanged, compared to its average volume of 12,566,086. The company's 50 day moving average price is $147.44 and its 200-day moving average price is $148.68. The stock has a market capitalization of $266.89 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 2.29 and a beta of 0.87. Chevron Corporation has a 52-week low of $132.04 and a 52-week 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.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the firm earned $2.55 EPS. The firm's revenue was down 12.4% on a year-over-year basis. As a group, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Scotiabank reissued a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. BNP Paribas downgraded Chevron to a "cautious" rating in a report on Tuesday, April 15th. Finally, DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a report on Tuesday, May 6th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of "Hold" and an average target price of $164.11.

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.