Sunbeam Capital Management LLC Makes New $425,000 Investment in Chevron Co. (NYSE:CVX)

Sunbeam Capital Management LLC purchased a new position in shares of Chevron Co. (NYSE:CVX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,935 shares of the oil and gas company's stock, valued at approximately $425,000.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Chevron in the 4th quarter valued at about $3,017,750,000. Raymond James Financial Inc. purchased a new stake in Chevron in the 4th quarter valued at about $1,036,302,000. Bank of New York Mellon Corp boosted its position in Chevron by 17.3% in the 4th 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 buying an additional 2,432,756 shares during the period. Amundi boosted its position in Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock valued at $1,323,549,000 after buying an additional 1,910,262 shares during the period. Finally, Capital World Investors boosted its position in Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after buying an additional 1,440,808 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CVX shares. Raymond James lowered their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a research report on Monday, February 3rd. Scotiabank lowered shares of Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the company from $160.00 to $143.00 in a report on Friday, April 11th. BNP Paribas lowered shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a report on Tuesday, May 6th. Finally, Piper Sandler reduced their price target on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $160.24.

Chevron Stock Performance

Chevron stock traded up $1.14 during mid-day trading on Thursday, reaching $137.16. 4,138,665 shares of the company traded hands, compared to its average volume of 8,795,165. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a market capitalization of $239.53 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The firm's fifty day moving average is $143.01 and its two-hundred day moving average is $150.83.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the business posted $2.93 EPS. Chevron's revenue for the quarter was down 2.3% compared to the same quarter last year. On average, equities research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date of this dividend is Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

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.