SCP Investment LP Acquires 8,800 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• SCP Investment LP significantly increased its holdings in Chevron by 314.3%, acquiring an additional 8,800 shares during the first quarter, bringing its total to 11,600 shares.
• Chevron reported $1.77 earnings per share for its latest quarter, surpassing analysts' estimates of $1.58, despite experiencing a 12.4% decline in quarterly revenue year-over-year.
• As of now, Chevron has a market capitalization of $264.28 billion and an average stock rating categorized as "Hold," with a target price of approximately $163.18.

SCP Investment LP grew its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 314.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,600 shares of the oil and gas company's stock after buying an additional 8,800 shares during the quarter. Chevron accounts for about 1.7% of SCP Investment LP's holdings, making the stock its 10th biggest position. SCP Investment LP's holdings in Chevron were worth $1,941,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd increased its stake in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in Chevron in the fourth quarter worth $29,000. Navigoe LLC purchased a new position in shares of Chevron in the fourth quarter worth $33,000. IFS Advisors LLC boosted its holdings in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new position in Chevron during the 1st quarter valued at about $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Down 0.2%

CVX traded down $0.31 during trading hours on Friday, hitting $151.33. 10,704,924 shares of the company's stock were exchanged, compared to its average volume of 12,807,201. The firm has a market cap of $264.28 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. The firm has a 50 day moving average of $146.86 and a 200 day moving average of $148.73. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.80% and a net margin of 7.02%. Chevron's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.55 earnings per share. Analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CVX. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research note on Friday. Scotiabank restated a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $163.18.

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.