Thoroughbred Financial Services LLC raised its holdings in shares of Chevron Co. (NYSE:CVX – Free Report) by 1.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,105 shares of the oil and gas company’s stock after purchasing an additional 661 shares during the period. Chevron accounts for approximately 0.9% of Thoroughbred Financial Services LLC’s investment portfolio, making the stock its 18th biggest holding. Thoroughbred Financial Services LLC’s holdings in Chevron were worth $6,380,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in CVX. Cantor Fitzgerald Investment Advisor L.P increased its position in shares of Chevron by 85.1% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after acquiring an additional 73,141 shares during the period. Axiom Financial Strategies LLC grew its position in Chevron by 25.2% during the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 1,476 shares during the period. GQG Partners LLC grew its position in Chevron by 4.7% during the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after purchasing an additional 1,813 shares during the period. Lumature Wealth Partners LLC grew its position in Chevron by 43.5% during the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares during the period. Finally, First Trust Advisors LP grew its position in Chevron by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares during the period. 69.65% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
CVX has been the topic of several analyst reports. Truist Financial cut their price target on Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Piper Sandler cut their price target on Chevron from $196.00 to $188.00 in a research report on Tuesday, June 13th. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a research report on Tuesday, April 4th. Mizuho lowered their target price on shares of Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. Finally, Raymond James lowered their target price on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research note on Friday, April 14th. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $191.68.
Chevron Stock Up 0.9 %
Chevron (NYSE:CVX – Free Report) last released its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.14. The company had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. Chevron had a net margin of 14.74% and a return on equity of 23.15%. Chevron’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.36 EPS. As a group, analysts forecast that Chevron Co. will post 13.83 earnings per share for the current fiscal year.
Chevron Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were issued 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 dividend yield of 3.92%. Chevron’s dividend 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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