SouthState Corp Grows Stock Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• SouthState Corp increased its holdings in Chevron by 3.3%, acquiring an additional 3,071 shares, bringing its total to 97,350 shares valued at approximately $16.3 million.
• Chevron reported a quarterly earnings per share of $1.77, exceeding estimates, but experienced a 12.4% decline in revenue compared to the previous year.
• The company declared a quarterly dividend of $1.71, with a 4.4% yield and a dividend payout ratio of 88.03%.

SouthState Corp boosted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 3.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,350 shares of the oil and gas company's stock after acquiring an additional 3,071 shares during the period. SouthState Corp's holdings in Chevron were worth $16,286,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Sage Capital Advisors llc lifted its stake in Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC lifted its stake in Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares in the last quarter. Ignite Planners LLC lifted its stake in Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. lifted its stake in Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after purchasing an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research reports. Scotiabank restated a "sector perform" rating and set a $160.00 price target (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective on the stock. in a research note on Tuesday, May 6th. BNP Paribas cut Chevron to a "cautious" rating in a research note on Tuesday, April 15th. HSBC cut Chevron from a "buy" rating to a "hold" rating and reduced their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Hsbc Global Res cut Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Three research 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. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $164.11.

Chevron Stock Up 0.6%

NYSE:CVX traded up $0.93 during trading hours on Tuesday, hitting $154.38. The company's stock had a trading volume of 6,641,283 shares, compared to its average volume of 12,062,080. The stock has a market capitalization of $266.77 billion, a P/E ratio of 19.87, a price-to-earnings-growth ratio of 2.30 and a beta of 0.87. The stock has a fifty day moving average of $149.07 and a 200-day moving average of $148.55. 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 Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.55 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

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

Chevron 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.