TrueMark Investments LLC Buys 2,655 Shares of Chevron Corporation (NYSE:CVX)

TrueMark Investments LLC lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 10.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,383 shares of the oil and gas company's stock after acquiring an additional 2,655 shares during the quarter. TrueMark Investments LLC's holdings in Chevron were worth $4,581,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the last quarter. Norges Bank acquired a new position in shares of Chevron in the fourth quarter worth $3,017,750,000. Northern Trust Corp increased its stake in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock worth $2,881,280,000 after acquiring an additional 410,460 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

CVX stock traded down $2.63 during mid-day trading on Monday, reaching $146.92. 10,493,844 shares of the stock traded hands, compared to its average volume of 8,240,481. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The business has a 50-day moving average of $139.60 and a two-hundred day moving average of $148.52. The firm has a market capitalization of $256.58 billion, a PE ratio of 16.79, a P/E/G ratio of 2.63 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last released 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 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. During the same period in the prior year, the company earned $2.93 earnings per share. The business's quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.66%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is presently 78.17%.

Wall Street Analyst Weigh In

CVX has been the topic of a number of research reports. Wells Fargo & Company dropped their price target on shares of Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Scotiabank cut shares of Chevron from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Redburn Atlantic reiterated a "sell" rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Piper Sandler decreased their price objective 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. Finally, BNP Paribas cut shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $160.24.

About Chevron

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.