Wealthspire Advisors LLC Raises Stake in Chevron Corporation (NYSE:CVX)

Key Points

• Wealthspire Advisors LLC increased its holdings in Chevron Corporation by 101.2%, now owning 127,022 shares worth approximately $21.25 million.
• Chevron reported $1.77 earnings per share for the last quarter, exceeding analysts' expectations of $1.58.
• The company announced a quarterly dividend of $1.71 per share, corresponding to an annual dividend yield of 4.5%.

Wealthspire Advisors LLC boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 101.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,022 shares of the oil and gas company's stock after buying an additional 63,897 shares during the quarter. Wealthspire Advisors LLC's holdings in Chevron were worth $21,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sage Capital Advisors llc boosted its stake in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC boosted its stake in shares of Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC lifted its stake in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after acquiring an additional 1,519 shares during the period. Vista Capital Partners Inc. lifted its stake in Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after acquiring an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its holdings in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

NYSE CVX opened at $150.81 on Tuesday. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The stock has a 50-day moving average of $147.14 and a 200 day moving average of $148.65. The company has a market capitalization of $263.37 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 2.31 and a beta of 0.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating 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 return on equity of 9.80% and a net margin of 7.02%. The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.55 EPS. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CVX shares. BNP Paribas lowered Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research report on Friday. Scotiabank reissued a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, 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. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $164.11.

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.

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