Chevron Corporation (NYSE:CVX) Holdings Lifted by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC increased its stake in Chevron Corporation by 11.6%, acquiring an additional 31,629 shares, bringing their total holdings to 304,156 shares worth approximately $50.88 million.
• Chevron reported earnings of $1.77 per share for the last quarter, surpassing analysts' expectations, while its revenue was $44.82 billion, showing a 12.4% decline year-over-year.
• The company announced a quarterly dividend of $1.71 per share, resulting in an annualized dividend yield of 4.5%, with a payout ratio of 88.03%.

Townsquare Capital LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 304,156 shares of the oil and gas company's stock after buying an additional 31,629 shares during the quarter. Townsquare Capital LLC's holdings in Chevron were worth $50,882,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd increased its holdings in shares of 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 valued at $25,000 after acquiring an additional 122 shares during the last quarter. 10Elms LLP acquired a new position in Chevron in the fourth quarter worth $29,000. IFS Advisors LLC increased its stake in Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Navigoe LLC bought a new stake in Chevron during the fourth quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of Chevron during the first quarter worth $39,000. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a report on Friday, July 11th. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Redburn Atlantic restated a "sell" rating and set a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $164.11.

Chevron Stock Performance

Shares of CVX traded up $1.82 during trading hours on Friday, reaching $154.98. 6,331,417 shares of the company's stock traded hands, compared to its average volume of 12,388,930. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The business's fifty day simple moving average is $148.45 and its two-hundred day simple moving average is $148.63. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The firm has a market capitalization of $270.66 billion, a price-to-earnings ratio of 19.95, a P/E/G ratio of 2.30 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last released 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. Chevron had a net margin of 7.02% and a return on equity of 9.80%. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter last year, the company earned $2.55 EPS. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. Analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors 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 yield of 4.4%. Chevron's payout ratio 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.