Portside Wealth Group LLC Buys 3,438 Shares of Chevron Co. (NYSE:CVX)

Portside Wealth Group LLC grew its stake in Chevron Co. (NYSE:CVX - Free Report) by 17.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,692 shares of the oil and gas company's stock after acquiring an additional 3,438 shares during the quarter. Portside Wealth Group LLC's holdings in Chevron were worth $3,796,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Moss Adams Wealth Advisors LLC increased its stake in shares of Chevron by 9.5% in the 1st quarter. Moss Adams Wealth Advisors LLC now owns 6,586 shares of the oil and gas company's stock valued at $1,102,000 after acquiring an additional 571 shares during the last quarter. NewSquare Capital LLC increased its stake in Chevron by 714.1% during the 1st quarter. NewSquare Capital LLC now owns 521 shares of the oil and gas company's stock worth $87,000 after purchasing an additional 457 shares in the last quarter. Greystone Financial Group LLC increased its stake in Chevron by 7.4% during the 1st quarter. Greystone Financial Group LLC now owns 60,477 shares of the oil and gas company's stock worth $10,117,000 after purchasing an additional 4,192 shares in the last quarter. Toth Financial Advisory Corp increased its stake in Chevron by 3.9% during the 1st quarter. Toth Financial Advisory Corp now owns 3,466 shares of the oil and gas company's stock worth $580,000 after purchasing an additional 131 shares in the last quarter. Finally, Courier Capital LLC increased its stake in Chevron by 0.5% during the 1st quarter. Courier Capital LLC now owns 62,072 shares of the oil and gas company's stock worth $10,384,000 after purchasing an additional 302 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CVX. Scotiabank cut Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. 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. Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and reduced their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company reduced their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of "Hold" and an average price target of $160.24.

Chevron Stock Up 2.4%

CVX opened at $140.21 on Monday. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The stock's fifty day simple moving average is $138.98 and its 200 day simple moving average is $149.65. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $244.86 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83.

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 analysts' consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter last year, the firm earned $2.93 earnings per share. The company's revenue was down 2.3% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

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 paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date is Monday, May 19th. Chevron's payout ratio is 78.17%.

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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