Raymond James Financial Inc. Raises Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• Raymond James Financial Inc. has increased its holdings in Chevron Corporation by 5.7%, owning a total of 7,563,972 shares valued at approximately $1.27 billion.
• Several other hedge funds have also recently adjusted their positions, with GQG Partners LLC purchasing a new stake valued at around $1.47 billion in the first quarter.
• Chevron reported $1.77 earnings per share for the last quarter, exceeding estimates, while also announcing a quarterly dividend of $1.71 per share, reflecting a yield of 4.4%.

Raymond James Financial Inc. increased its position in Chevron Corporation (NYSE:CVX - Free Report) by 5.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 7,563,972 shares of the oil and gas company's stock after purchasing an additional 409,167 shares during the period. Raymond James Financial Inc. owned 0.43% of Chevron worth $1,265,377,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. GQG Partners LLC purchased a new stake in shares of Chevron in the first quarter valued at about $1,466,751,000. Nuveen LLC acquired a new position in Chevron in the 1st quarter valued at about $1,362,232,000. GAMMA Investing LLC raised its stake in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after acquiring an additional 1,574,464 shares during the last quarter. Finally, Capital World Investors lifted its position in Chevron by 11.4% during the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock worth $2,039,288,000 after acquiring an additional 1,440,808 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several recent research reports. TD Cowen increased their price target on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Morgan Stanley started coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective on the stock. Evercore ISI reissued an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Finally, DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. Three analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $164.11.

Chevron Trading Up 0.9%

Chevron stock opened at $156.52 on Friday. The stock has a market cap of $270.46 billion, a PE ratio of 20.14, a P/E/G ratio of 2.33 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $150.13 and a 200 day moving average price of $148.59. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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 net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The company's quarterly revenue was down 12.4% compared to the same quarter last year. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

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.

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