Ritholtz Wealth Management Boosts Position in Chevron Co. (NYSE:CVX)

Ritholtz Wealth Management raised its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 32.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,427 shares of the oil and gas company's stock after purchasing an additional 7,017 shares during the quarter. Ritholtz Wealth Management's holdings in Chevron were worth $4,756,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CVX. Norges Bank bought a new stake in shares of Chevron during the 4th quarter valued at $3,017,750,000. Raymond James Financial Inc. bought a new stake in shares of Chevron during the fourth quarter valued at about $1,036,302,000. GAMMA Investing LLC lifted its holdings in shares of Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after buying an additional 5,382,847 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares during the period. Finally, Amundi grew its stake in Chevron by 27.7% during the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock valued at $1,323,549,000 after acquiring an additional 1,910,262 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the topic of several research analyst reports. Barclays cut shares of Chevron from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. BNP Paribas downgraded Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Redburn Atlantic restated a "sell" rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. UBS Group dropped their target price on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, TD Cowen decreased their price target on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of "Hold" and an average price target of $160.24.

Chevron Trading Down 1.3%

CVX stock traded down $1.92 during trading on Monday, hitting $143.99. 3,977,866 shares of the company traded hands, compared to its average volume of 8,167,971. The company has a 50-day moving average of $138.53 and a 200-day moving average of $149.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a market capitalization of $251.46 billion, a PE ratio of 14.82, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the previous year, the company posted $2.93 earnings per share. The business's revenue was down 2.3% on a year-over-year basis. Analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.75%. Chevron's payout ratio is currently 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.