Wrapmanager Inc. Grows Position in Chevron Co. (NYSE:CVX)

Wrapmanager Inc. raised its holdings in Chevron Co. (NYSE:CVX) by 84.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,505 shares of the oil and gas company’s stock after purchasing an additional 3,885 shares during the period. Wrapmanager Inc.’s holdings in Chevron were worth $1,330,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fidelity National Financial Inc. grew its position in shares of Chevron by 63.8% in the second quarter. Fidelity National Financial Inc. now owns 172,000 shares of the oil and gas company’s stock valued at $26,904,000 after purchasing an additional 67,000 shares in the last quarter. Stolper Co grew its position in shares of Chevron by 2.4% during the 2nd quarter. Stolper Co now owns 51,412 shares of the oil and gas company’s stock valued at $8,042,000 after purchasing an additional 1,188 shares in the last quarter. SYM FINANCIAL Corp raised its position in shares of Chevron by 32.9% in the second quarter. SYM FINANCIAL Corp now owns 2,866 shares of the oil and gas company’s stock worth $448,000 after buying an additional 710 shares in the last quarter. Client 1ST Advisory Group LLC boosted its stake in Chevron by 85.8% during the second quarter. Client 1ST Advisory Group LLC now owns 3,588 shares of the oil and gas company’s stock valued at $561,000 after buying an additional 1,657 shares during the period. Finally, Hardin Capital Partners LLC purchased a new position in Chevron during the second quarter worth about $826,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.0 %

Shares of NYSE:CVX opened at $140.61 on Friday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The stock’s 50-day moving average is $149.12 and its 200 day moving average is $154.72. The company has a market cap of $257.16 billion, a PE ratio of 12.94, a P/E/G ratio of 2.37 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.08 EPS. Sell-side analysts anticipate that Chevron Co. will post 11.63 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is currently 59.98%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CVX. Barclays lowered their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Truist Financial lowered their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Wolfe Research began coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Scotiabank cut their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $183.82.

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.