Advocate Group LLC cut its position in Chevron Co. (NYSE:CVX – Free Report) by 4.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,580 shares of the oil and gas company’s stock after selling 2,430 shares during the period. Chevron accounts for 1.8% of Advocate Group LLC’s holdings, making the stock its 17th largest position. Advocate Group LLC’s holdings in Chevron were worth $8,253,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the company. TKG Advisors LLC lifted its stake in Chevron by 13.1% in the 1st quarter. TKG Advisors LLC now owns 13,633 shares of the oil and gas company’s stock worth $2,224,000 after purchasing an additional 1,576 shares in the last quarter. Steigerwald Gordon & Koch Inc. boosted its stake in Chevron by 4.4% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 2,169 shares of the oil and gas company’s stock worth $354,000 after buying an additional 91 shares during the last quarter. Legacy Trust grew its holdings in Chevron by 113.2% in the 1st quarter. Legacy Trust now owns 3,288 shares of the oil and gas company’s stock valued at $536,000 after buying an additional 1,746 shares in the last quarter. Marcum Wealth LLC increased its stake in shares of Chevron by 0.5% in the 1st quarter. Marcum Wealth LLC now owns 16,686 shares of the oil and gas company’s stock worth $2,723,000 after acquiring an additional 88 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in shares of Chevron by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 115,600 shares of the oil and gas company’s stock worth $18,861,000 after acquiring an additional 700 shares during the period. 69.65% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
CVX has been the subject of several recent analyst reports. Morgan Stanley raised their price objective on shares of Chevron from $192.00 to $198.00 in a research report on Tuesday, May 23rd. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective on the stock in a report on Tuesday, May 23rd. UBS Group started coverage on Chevron in a research note on Wednesday, April 19th. They set a “buy” rating and a $212.00 target price for the company. Truist Financial lowered their price target on Chevron from $193.00 to $190.00 in a report on Monday, May 1st. Finally, Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $195.00 to $200.00 in a report on Thursday, April 13th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $191.68.
Chevron Stock Performance
Chevron (NYSE:CVX – Free Report) last announced its earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The company had revenue of $50.79 billion for the quarter, compared to the consensus estimate of $49.49 billion. During the same period last year, the business posted $3.36 EPS. The company’s revenue was down 6.6% on a year-over-year basis. On average, equities research analysts expect that Chevron Co. will post 13.83 earnings per share for the current year.
Chevron Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a yield of 3.84%. Chevron’s payout ratio is currently 32.61%.
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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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