Trinity Legacy Partners LLC Grows Position in Chevron Corporation $CVX

Key Points

• Trinity Legacy Partners LLC increased its position in Chevron Corporation by 8.5%, now owning 37,102 shares valued at approximately $6.2 million, making Chevron the firm's 20th largest holding.
• Chevron reported a quarterly EPS of $1.77, surpassing analysts' estimates of $1.58, though revenue was down 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71 per share with a yield of 4.3%, reflecting a payout ratio of 88.03%.

Trinity Legacy Partners LLC raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 8.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,102 shares of the oil and gas company's stock after purchasing an additional 2,907 shares during the quarter. Chevron accounts for about 1.6% of Trinity Legacy Partners LLC's holdings, making the stock its 20th biggest position. Trinity Legacy Partners LLC's holdings in Chevron were worth $6,207,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd boosted its holdings in 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 purchasing an additional 122 shares in the last quarter. 10Elms LLP purchased a new stake in Chevron in the 4th quarter valued at approximately $29,000. Elequin Capital LP purchased a new stake in Chevron in the 1st quarter valued at approximately $31,000. Navigoe LLC purchased a new stake in Chevron during the fourth quarter worth about $33,000. Finally, IFS Advisors LLC boosted its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Hsbc Global Res cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and dropped their target price for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Melius Research assumed coverage on shares of Chevron in a report on Wednesday. They issued a "hold" rating and a $155.00 target price for the company. Finally, Piper Sandler increased their target price on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Eleven investment 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. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $163.95.

Chevron Trading Up 1.5%

Shares of NYSE CVX traded up $2.3470 during midday trading on Friday, reaching $157.8970. 9,080,229 shares of the stock were exchanged, compared to its average volume of 8,226,470. The company has a market capitalization of $272.84 billion, a P/E ratio of 20.32, a P/E/G ratio of 2.35 and a beta of 0.87. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. 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 50 day moving average price of $151.21 and a 200-day moving average price of $148.61.

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, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 earnings per share. Equities research analysts expect that Chevron Corporation 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 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 dividend on an annualized basis and a dividend yield of 4.3%. Chevron's payout ratio is 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.