Atwood & Palmer Inc. decreased its stake in Chevron Co. (NYSE:CVX – Free Report) by 6.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,665 shares of the oil and gas company’s stock after selling 300 shares during the quarter. Atwood & Palmer Inc.’s holdings in Chevron were worth $761,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of Chevron by 12.7% during the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after purchasing an additional 3,711,923 shares during the period. Moneta Group Investment Advisors LLC raised its position in shares of Chevron by 104,997.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after purchasing an additional 24,467,521 shares during the period. Norges Bank acquired a new stake in shares of Chevron during the fourth quarter worth about $3,058,235,000. Charles Schwab Investment Management Inc. raised its position in shares of Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after purchasing an additional 189,762 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Chevron by 2.6% during the fourth quarter. Franklin Resources Inc. now owns 14,164,343 shares of the oil and gas company’s stock worth $2,542,358,000 after purchasing an additional 354,084 shares during the period. Institutional investors and hedge funds own 69.65% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have recently commented on CVX. Raymond James dropped their price target on Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research report on Friday, April 14th. HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $189.00 target price on the stock in a research report on Tuesday, May 23rd. Piper Sandler dropped their target price on Chevron from $196.00 to $188.00 in a research report on Tuesday, June 13th. StockNews.com started coverage on Chevron in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, UBS Group started coverage on Chevron in a research report on Wednesday, April 19th. They issued a “buy” rating and a $212.00 target price on the stock. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, 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 issued its earnings results on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $49.49 billion. During the same period in the previous year, the company posted $3.36 EPS. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, equities research analysts predict that Chevron Co. will post 13.83 EPS for the current year.
Chevron Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were paid a $1.51 dividend. The ex-dividend date was Thursday, May 18th. This represents a $6.04 annualized dividend and a yield of 3.92%. Chevron’s dividend payout ratio (DPR) is presently 32.61%.
About Chevron
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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