Verity Asset Management Inc. Grows Position in Chevron Corporation (NYSE:CVX)

Verity Asset Management Inc. increased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 79.8% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 7,308 shares of the oil and gas company's stock after buying an additional 3,244 shares during the quarter. Verity Asset Management Inc.'s holdings in Chevron were worth $1,223,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CVX. Crown Wealth Group LLC grew its stake in shares of Chevron by 5.1% in the first quarter. Crown Wealth Group LLC now owns 2,302 shares of the oil and gas company's stock worth $385,000 after acquiring an additional 111 shares during the period. Hobbs Wealth Management LLC purchased a new stake in Chevron in the first quarter worth approximately $214,000. Citizens National Bank Trust Department grew its position in Chevron by 1.9% in the 1st quarter. Citizens National Bank Trust Department now owns 52,304 shares of the oil and gas company's stock worth $8,750,000 after purchasing an additional 953 shares during the period. Avidian Wealth Enterprises LLC raised its stake in Chevron by 3.0% during the 1st quarter. Avidian Wealth Enterprises LLC now owns 42,821 shares of the oil and gas company's stock valued at $7,163,000 after buying an additional 1,259 shares during the last quarter. Finally, Essex Financial Services Inc. raised its stake in Chevron by 0.5% during the 1st quarter. Essex Financial Services Inc. now owns 50,333 shares of the oil and gas company's stock valued at $8,420,000 after buying an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CVX shares. BNP Paribas downgraded Chevron to a "cautious" rating in a research note on Tuesday, April 15th. HSBC cut Chevron from a "buy" rating to a "hold" rating and dropped their target price for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Piper Sandler reduced their price target on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Barclays cut shares of Chevron from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Finally, Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $160.29.

Chevron Stock Down 0.4%

CVX opened at $143.87 on Monday. The stock has a market cap of $251.26 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83. 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's fifty day moving average is $140.20 and its 200 day moving average is $148.17. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business's quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the firm earned $2.93 earnings per share. On average, sell-side analysts forecast 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. Investors of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.75%. Chevron's dividend payout ratio is presently 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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