Inspire Advisors LLC increased its holdings in shares of Chevron Co. (NYSE:CVX – Free Report) by 2.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,360 shares of the oil and gas company’s stock after purchasing an additional 114 shares during the period. Chevron accounts for about 0.2% of Inspire Advisors LLC’s holdings, making the stock its 27th biggest holding. Inspire Advisors LLC’s holdings in Chevron were worth $875,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in CVX. Moneta Group Investment Advisors LLC grew its position in Chevron by 104,997.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after acquiring an additional 24,467,521 shares in the last quarter. Norges Bank acquired a new stake in Chevron during the 4th quarter valued at $3,058,235,000. Price T Rowe Associates Inc. MD increased its stake in Chevron by 79.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,896,009 shares of the oil and gas company’s stock worth $2,494,194,000 after buying an additional 6,133,227 shares during the period. Morgan Stanley boosted its position in Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after buying an additional 3,711,923 shares during the last quarter. Finally, Edmp Inc. increased its position in shares of Chevron by 17,439.1% during the fourth quarter. Edmp Inc. now owns 2,949,893 shares of the oil and gas company’s stock worth $16,435,000 after acquiring an additional 2,933,074 shares during the last quarter. 69.65% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on CVX. Truist Financial lowered their price objective on Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. Mizuho dropped their price target on shares of Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. JPMorgan Chase & Co. upgraded shares of Chevron from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $161.00 to $170.00 in a research note on Wednesday, May 31st. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a research report on Tuesday, April 4th. Finally, HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price target for the company in a research note on Tuesday, May 23rd. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $191.68.
Chevron Trading Up 0.7 %
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share 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 revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.36 EPS. On average, equities analysts forecast that Chevron Co. will post 13.83 EPS for the current fiscal year.
Chevron Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s payout ratio is 32.61%.
Chevron Company 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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