Texas Capital Bank Wealth Management Services Inc Purchases 2,578 Shares of Chevron Corporation $CVX

Key Points

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Texas Capital Bank Wealth Management Services Inc boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 44.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,317 shares of the oil and gas company's stock after acquiring an additional 2,578 shares during the quarter. Texas Capital Bank Wealth Management Services Inc's holdings in Chevron were worth $1,391,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd grew its stake in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in shares of Chevron during the fourth quarter worth $29,000. Elequin Capital LP bought a new stake in shares of Chevron during the first quarter worth $31,000. Navigoe LLC bought a new stake in shares of Chevron during the fourth quarter worth $33,000. Finally, IFS Advisors LLC grew its stake 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 buying an additional 116 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $168.00 target price (up previously from $164.00) on shares of Chevron in a research note on Monday. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and decreased their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Finally, UBS Group reissued a "buy" rating and issued a $186.00 price objective (up previously from $177.00) on shares of Chevron in a research note on Monday, August 4th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $164.33.

Chevron Stock Performance

Shares of CVX opened at $155.44 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $268.60 billion, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The firm's fifty day simple moving average is $150.42 and its two-hundred day simple moving average is $148.53. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.55 earnings per share. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

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. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

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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