Putney Financial Group LLC Takes Position in Chevron Co. (NYSE:CVX)

Putney Financial Group LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 2,643 shares of the oil and gas company's stock, valued at approximately $383,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after buying an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Chevron by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock valued at $4,613,960,000 after buying an additional 746,806 shares in the last quarter. Norges Bank acquired a new stake in Chevron in the 4th quarter valued at $3,017,750,000. Northern Trust Corp boosted its stake in Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after buying an additional 1,394,091 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Chevron by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock valued at $2,881,280,000 after buying an additional 410,460 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on CVX. Wells Fargo & Company decreased their price objective on shares of Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Truist Financial lowered their price target on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a report on Tuesday, February 4th. Finally, BNP Paribas downgraded Chevron to a "cautious" rating in a report on Tuesday, April 15th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Trading Up 0.9%

NYSE CVX traded up $1.24 on Tuesday, hitting $137.78. The company's stock had a trading volume of 8,339,036 shares, compared to its average volume of 8,082,749. The company's 50-day moving average is $144.12 and its 200 day moving average is $151.03. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market cap of $240.62 billion, a PE ratio of 14.17, a PEG ratio of 1.46 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly 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. The firm had revenue of $47.61 billion during 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 business's revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business posted $2.93 EPS. As a group, analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.96%. Chevron's dividend payout ratio is 78.17%.

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.