Consolidated Investment Group LLC Boosts Stake in Chevron Co. (NYSE:CVX)

Consolidated Investment Group LLC increased its position in Chevron Co. (NYSE:CVX) by 32.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 24,700 shares of the oil and gas company’s stock after purchasing an additional 6,100 shares during the period. Consolidated Investment Group LLC’s holdings in Chevron were worth $3,864,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CVX. BigSur Wealth Management LLC grew its holdings in shares of Chevron by 7.0% in the 2nd quarter. BigSur Wealth Management LLC now owns 9,200 shares of the oil and gas company’s stock worth $1,439,000 after acquiring an additional 600 shares during the period. Carnegie Investment Counsel raised its position in shares of Chevron by 4.5% in the 2nd quarter. Carnegie Investment Counsel now owns 143,249 shares of the oil and gas company’s stock worth $22,407,000 after buying an additional 6,131 shares during the period. Cidel Asset Management Inc. increased its holdings in Chevron by 3.9% in the 2nd quarter. Cidel Asset Management Inc. now owns 21,295 shares of the oil and gas company’s stock valued at $3,331,000 after purchasing an additional 806 shares in the last quarter. Pallas Capital Advisors LLC increased its holdings in Chevron by 3.5% in the 2nd quarter. Pallas Capital Advisors LLC now owns 18,241 shares of the oil and gas company’s stock valued at $2,954,000 after purchasing an additional 618 shares in the last quarter. Finally, M3 Advisory Group LLC grew its stake in shares of Chevron by 6.6% during the second quarter. M3 Advisory Group LLC now owns 1,804 shares of the oil and gas company’s stock valued at $282,000 after acquiring an additional 111 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. TD Cowen lifted their price target on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Monday, April 29th. Royal Bank of Canada cut their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Scotiabank lowered their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, Truist Financial decreased their price target 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. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Stock Performance

CVX traded down $2.14 during trading on Tuesday, hitting $144.69. The stock had a trading volume of 7,485,932 shares, compared to its average volume of 7,868,223. The firm has a market cap of $266.66 billion, a PE ratio of 13.32, a P/E/G ratio of 2.42 and a beta of 1.10. Chevron Co. has a 12 month low of $139.62 and a 12 month 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. The company has a 50 day simple moving average of $153.62 and a 200-day simple moving average of $156.01.

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

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.51%. Chevron’s payout ratio is currently 59.98%.

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.