Johnson & White Wealth Management LLC Increases Stock Holdings in Chevron Co. (NYSE:CVX)

Johnson & White Wealth Management LLC lifted its stake in Chevron Co. (NYSE:CVX) by 12.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,967 shares of the oil and gas company’s stock after purchasing an additional 427 shares during the quarter. Johnson & White Wealth Management LLC’s holdings in Chevron were worth $664,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Geode Capital Management LLC lifted its stake in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron during the 4th quarter worth approximately $3,017,750,000. Northern Trust Corp lifted its stake in shares of Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of Chevron by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after acquiring an additional 410,460 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 1.5%

Shares of CVX stock opened at $137.46 on Thursday. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The stock’s fifty day moving average price is $140.16 and its 200 day moving average price is $150.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market cap of $240.06 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.93 EPS. On average, research analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. The ex-dividend date is Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.98%. Chevron’s payout ratio is presently 78.17%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVX. Redburn Atlantic reissued a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. BNP Paribas lowered Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Piper Sandler reduced their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. HSBC lowered Chevron from a “buy” rating to a “hold” rating and reduced their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Chevron has an average rating of “Hold” and a consensus price target of $160.24.

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; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.