Precedent Wealth Partners LLC Raises Stock Holdings in Chevron Co. (NYSE:CVX)

Precedent Wealth Partners LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 4.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,927 shares of the oil and gas company’s stock after acquiring an additional 457 shares during the period. Precedent Wealth Partners LLC’s holdings in Chevron were worth $1,553,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Pacifica Partners Inc. lifted its stake in Chevron by 1.8% during the first quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after purchasing an additional 63 shares during the last quarter. Private Wealth Management Group LLC lifted its position in shares of Chevron by 15.7% in the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after buying an additional 63 shares during the last quarter. Montz Harcus Wealth Management LLC boosted its holdings in shares of Chevron by 2.2% in the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after buying an additional 63 shares during the period. Hubbell Strickland Wealth Management LLC grew its position in shares of Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after buying an additional 64 shares during the last quarter. Finally, Ellenbecker Investment Group raised its stake in Chevron by 1.5% during the first quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock worth $686,000 after acquiring an additional 65 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CVX. Truist Financial lowered their target price on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and cut their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Barclays lowered their price target on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Wells Fargo & Company boosted their target price on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Finally, Wolfe Research assumed coverage on shares of Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $183.82.

Chevron Price Performance

CVX stock traded up $0.72 during trading hours on Friday, hitting $146.45. 344,438 shares of the stock traded hands, compared to its average volume of 7,787,016. The stock has a 50-day simple moving average of $153.07 and a 200 day simple moving average of $155.82. The company has a market cap of $269.90 billion, a P/E ratio of 13.41, a P/E/G ratio of 2.46 and a beta of 1.10. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same period in the previous year, the company posted $3.08 earnings per share. Chevron’s revenue was up 4.7% compared to the same quarter last year. Equities analysts forecast that Chevron Co. will post 11.96 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a $1.63 dividend. The ex-dividend date is Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.45%. Chevron’s dividend payout ratio is currently 59.98%.

About Chevron

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.