Summit Financial LLC Boosts Holdings in Chevron Corporation $CVX

Key Points

• Summit Financial LLC increased its holdings in Chevron Corporation by 23.7%, owning 36,079 shares valued at approximately $6 million after acquiring an additional 6,920 shares in the first quarter.
• Chevron announced a quarterly dividend of $1.71 per share, representing an annualized dividend of $6.84 and a yield of 4.4%, with the payment date set for September 10th.
• The company's stock recently experienced a one-day increase of 1.3%, with a current trading price of $155.1660 and an average analyst target price of $163.95.

Summit Financial LLC boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 23.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,079 shares of the oil and gas company's stock after acquiring an additional 6,920 shares during the period. Summit Financial LLC's holdings in Chevron were worth $6,036,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. CoreCap Advisors LLC raised its position in Chevron by 0.3% in the 4th quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock valued at $4,091,000 after purchasing an additional 71 shares during the last quarter. GDS Wealth Management increased its stake in Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after buying an additional 72 shares during the period. Clayton Financial Group LLC increased its stake in Chevron by 4.6% in the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock valued at $285,000 after buying an additional 75 shares during the period. Gill Capital Partners LLC grew its stake in shares of Chevron by 4.9% during the 1st quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock worth $271,000 after purchasing an additional 75 shares during the period. Finally, Cordatus Wealth Management LLC grew its stake in shares of Chevron by 0.4% during the 1st quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock worth $3,299,000 after purchasing an additional 76 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 1.3%

CVX stock opened at $155.1660 on Friday. The firm has a 50 day simple moving average of $150.97 and a 200-day simple moving average of $148.63. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a market capitalization of $268.13 billion, a P/E ratio of 19.97, a PEG ratio of 2.27 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.

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, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period last year, the business posted $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. On average, 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 announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CVX shares. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. UBS Group upped their target price on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday. Scotiabank reiterated a "sector perform" rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Evercore ISI reiterated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $163.95.

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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