Greylin Investment Management Inc lifted its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 2.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,320 shares of the oil and gas company’s stock after buying an additional 923 shares during the period. Chevron comprises about 1.1% of Greylin Investment Management Inc’s portfolio, making the stock its 17th biggest holding. Greylin Investment Management Inc’s holdings in Chevron were worth $6,252,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. Rebalance LLC acquired a new position in Chevron in the 4th quarter worth about $26,000. Worth Asset Management LLC acquired a new position in Chevron in the 1st quarter worth about $36,000. Red Tortoise LLC acquired a new position in Chevron in the 4th quarter worth about $37,000. Western Pacific Wealth Management LP acquired a new position in Chevron in the 4th quarter worth about $37,000. Finally, JDM Financial Group LLC acquired a new position in Chevron in the 4th quarter worth about $42,000. Institutional investors and hedge funds own 69.65% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on CVX shares. Raymond James lowered their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a report on Friday, April 14th. JPMorgan Chase & Co. upgraded Chevron from an “underweight” rating to a “neutral” rating and upped their price target for the company from $161.00 to $170.00 in a research report on Wednesday, May 31st. Mizuho reduced their price target on Chevron from $206.00 to $196.00 in a research report on Friday, May 19th. Cowen reduced their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Finally, Truist Financial reduced their price target on Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $191.68.
Chevron Stock Down 2.3 %
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.14. The business had revenue of $50.79 billion for the quarter, compared to analyst estimates of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The company’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.36 earnings per share. Equities research analysts anticipate that Chevron Co. will post 13.82 EPS for the current year.
Chevron Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were issued a $1.51 dividend. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 annualized dividend and a yield of 3.93%. Chevron’s payout ratio is currently 32.61%.
Chevron Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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