Verity & Verity LLC Buys 22,886 Shares of Chevron Co. (NYSE:CVX)

Verity & Verity LLC increased its stake in Chevron Co. (NYSE:CVX - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 212,707 shares of the oil and gas company's stock after purchasing an additional 22,886 shares during the period. Chevron accounts for 3.1% of Verity & Verity LLC's portfolio, making the stock its 4th largest position. Verity & Verity LLC's holdings in Chevron were worth $35,584,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in CVX. Norges Bank bought a new stake in Chevron during the 4th quarter valued at $3,017,750,000. Raymond James Financial Inc. bought a new stake in Chevron during the 4th quarter valued at $1,036,302,000. GAMMA Investing LLC raised its stake in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares in the last quarter. Finally, Amundi raised its stake in Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock valued at $1,323,549,000 after acquiring an additional 1,910,262 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company dropped their target price on Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Mizuho dropped their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. HSBC lowered Chevron from a "buy" rating to a "hold" rating and cut their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research report on Tuesday, May 6th. Finally, Piper Sandler reduced their price objective 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. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Price Performance

Shares of NYSE CVX traded up $0.77 during mid-day trading on Friday, reaching $145.74. The company had a trading volume of 14,126,704 shares, compared to its average volume of 8,174,571. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $254.52 billion, a PE ratio of 14.99, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a 50-day moving average price of $138.35 and a two-hundred day moving average price of $149.32. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the business posted $2.93 EPS. The company's revenue was down 2.3% on a year-over-year basis. On average, equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

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. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.69%. Chevron's dividend payout ratio is 78.17%.

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.