Ehrlich Financial Group Acquires New Holdings in Chevron Co. (NYSE:CVX)

Ehrlich Financial Group acquired a new stake in Chevron Co. (NYSE:CVX) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,263 shares of the oil and gas company’s stock, valued at approximately $211,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVX. Norges Bank purchased a new stake in Chevron in the 4th quarter valued at about $3,017,750,000. Raymond James Financial Inc. purchased a new stake in Chevron in the 4th quarter valued at about $1,036,302,000. GAMMA Investing LLC raised its holdings in Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after buying an additional 5,382,847 shares during the period. Bank of New York Mellon Corp raised its holdings in Chevron by 17.3% in the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after buying an additional 2,432,756 shares during the period. Finally, Amundi raised its holdings in Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after buying an additional 1,910,262 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $140.21 on Friday. Chevron Co. has a one year low of $132.04 and a one year high of $168.96. The company has a market cap of $244.86 billion, a PE ratio of 14.42, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The business has a 50-day simple moving average of $138.98 and a 200-day simple moving average of $149.81.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during 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 business’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.93 earnings per share. On average, equities research analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is 78.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. UBS Group dropped their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Piper Sandler dropped their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their target price on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Finally, BNP Paribas downgraded Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Hold” and an average target price 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.