Valley Wealth Managers Inc. Acquires 4,568 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Valley Wealth Managers Inc. increased its holdings in Chevron Corporation by 3.4%, acquiring an additional 4,568 shares during the first quarter, bringing its total to 140,607 shares worth approximately $23.52 million.
• Chevron has recently experienced changes in analyst ratings, with reports indicating a mix of sell and hold ratings, while the consensus rating stands at "Hold" with an average target price of $162.13.
• The company's quarterly earnings results showed earnings per share of $2.18, surpassing estimates, with revenue totaling $47.61 billion, slightly below expectations.

Valley Wealth Managers Inc. grew its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,607 shares of the oil and gas company's stock after buying an additional 4,568 shares during the quarter. Chevron accounts for approximately 1.8% of Valley Wealth Managers Inc.'s portfolio, making the stock its 16th largest holding. Valley Wealth Managers Inc.'s holdings in Chevron were worth $23,522,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eagle Capital Management LLC raised its holdings in Chevron by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock worth $5,011,000 after purchasing an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Chevron by 7.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after buying an additional 2,641 shares during the period. Murphy & Mullick Capital Management Corp bought a new position in Chevron in the fourth quarter worth about $66,000. UniSuper Management Pty Ltd lifted its holdings in Chevron by 27.7% in the fourth quarter. UniSuper Management Pty Ltd now owns 96,356 shares of the oil and gas company's stock worth $13,956,000 after buying an additional 20,930 shares during the period. Finally, Weik Capital Management lifted its holdings in Chevron by 1.2% in the fourth quarter. Weik Capital Management now owns 13,810 shares of the oil and gas company's stock worth $2,000,000 after buying an additional 160 shares during the period. 72.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. BNP Paribas cut Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Redburn Atlantic reissued 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. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a report on Tuesday, May 6th. Finally, Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Chevron currently has a consensus rating of "Hold" and an average target price of $162.13.

Chevron Stock Down 0.6%

NYSE:CVX opened at $154.84 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The firm has a market cap of $270.40 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.46 and a beta of 0.83. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a 50-day simple moving average of $145.12 and a two-hundred day simple moving average of $148.83.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.93 earnings per share. Analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is currently 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.

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