Sax Wealth Advisors LLC Boosts Holdings in Chevron Corporation $CVX

Key Points

• Sax Wealth Advisors LLC increased its stake in Chevron Corporation by 73.7%, owning a total of 9,108 shares now worth approximately $1.524 million.
• Chevron reported earnings of $1.77 per share for the last quarter, surpassing analysts' expectations of $1.58, but experienced a 12.4% decline in year-over-year revenue.
• The company announced a quarterly dividend of $1.71 per share, equating to an annualized yield of 4.3% with a payout ratio of 88.03%.

Sax Wealth Advisors LLC grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 73.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 9,108 shares of the oil and gas company's stock after acquiring an additional 3,865 shares during the period. Sax Wealth Advisors LLC's holdings in Chevron were worth $1,524,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Eagle Capital Management LLC raised its position in Chevron by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after purchasing an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in Chevron by 7.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after buying an additional 2,641 shares during the last quarter. Kovitz Investment Group Partners LLC raised its position in Chevron by 54.4% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 261,860 shares of the oil and gas company's stock worth $37,928,000 after buying an additional 92,294 shares during the last quarter. Nebula Research & Development LLC raised its position in Chevron by 127.8% during the 4th quarter. Nebula Research & Development LLC now owns 9,208 shares of the oil and gas company's stock worth $1,334,000 after buying an additional 5,165 shares during the last quarter. Finally, Voya Financial Advisors Inc. raised its position in Chevron by 2.8% during the 4th quarter. Voya Financial Advisors Inc. now owns 4,841 shares of the oil and gas company's stock worth $693,000 after buying an additional 134 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Up 1.5%

Shares of Chevron stock traded up $2.3470 during mid-day trading on Friday, hitting $157.8970. 9,080,229 shares of the stock were exchanged, compared to its average volume of 8,226,470. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market capitalization of $272.84 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The company has a 50-day simple moving average of $151.21 and a 200 day simple moving average of $148.61. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping 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 company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period last year, the company earned $2.55 EPS. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current 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 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CVX. Scotiabank restated a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and cut their price target for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Morgan Stanley began coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and a consensus target price of $163.95.

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.