Elevation Point Wealth Partners LLC Increases Stock Position in Chevron Co. (NYSE:CVX)

Elevation Point Wealth Partners LLC grew its stake in shares of Chevron Co. (NYSE:CVX) by 3.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,197 shares of the oil and gas company’s stock after buying an additional 734 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Chevron were worth $3,713,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. W.H. Cornerstone Investments Inc. boosted its position in Chevron by 1.4% during the fourth quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company’s stock valued at $677,000 after purchasing an additional 66 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in Chevron by 0.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock valued at $2,207,000 after purchasing an additional 66 shares during the last quarter. Berkeley Capital Partners LLC boosted its position in Chevron by 0.4% during the fourth quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company’s stock valued at $2,572,000 after purchasing an additional 67 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its position in Chevron by 6.1% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 1,184 shares of the oil and gas company’s stock valued at $171,000 after purchasing an additional 68 shares during the last quarter. Finally, Acorn Wealth Advisors LLC boosted its position in Chevron by 3.4% during the fourth quarter. Acorn Wealth Advisors LLC now owns 2,092 shares of the oil and gas company’s stock valued at $303,000 after purchasing an additional 69 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. HSBC cut Chevron from a “buy” rating to a “hold” rating and reduced their price target for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. Piper Sandler cut their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Mizuho cut their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company cut their price objective on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

Shares of NYSE CVX opened at $145.74 on Friday. The firm has a market cap of $254.52 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The business’s 50 day moving average is $138.53 and its 200-day moving average is $149.20.

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 analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.93 earnings per share. Equities research analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.69%. Chevron’s dividend payout ratio is presently 78.17%.

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; 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.