Chesapeake Capital Corp IL Takes Position in Chevron Co. (NYSE:CVX)

Chesapeake Capital Corp IL bought a new stake in Chevron Co. (NYSE:CVX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,553 shares of the oil and gas company’s stock, valued at approximately $243,000.

A number of other hedge funds have also modified their holdings of the business. Provident Investment Management Inc. increased its position in Chevron by 3.0% during the second quarter. Provident Investment Management Inc. now owns 6,710 shares of the oil and gas company’s stock worth $1,050,000 after purchasing an additional 195 shares during the last quarter. Sachetta LLC raised its holdings in Chevron by 9.9% during the second quarter. Sachetta LLC now owns 3,769 shares of the oil and gas company’s stock worth $601,000 after purchasing an additional 340 shares in the last quarter. Insight Inv LLC raised its holdings in Chevron by 8.3% during the second quarter. Insight Inv LLC now owns 16,725 shares of the oil and gas company’s stock worth $2,616,000 after purchasing an additional 1,285 shares in the last quarter. Invesco LLC increased its holdings in shares of Chevron by 4.7% in the 2nd quarter. Invesco LLC now owns 11,489 shares of the oil and gas company’s stock valued at $1,797,000 after acquiring an additional 516 shares during the period. Finally, LGT Fund Management Co Ltd. increased its holdings in shares of Chevron by 318.9% in the 2nd quarter. LGT Fund Management Co Ltd. now owns 26,245 shares of the oil and gas company’s stock valued at $4,105,000 after acquiring an additional 19,980 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CVX shares. Wolfe Research initiated coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Royal Bank of Canada decreased their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Truist Financial decreased their target price 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. Barclays decreased their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Finally, Scotiabank decreased 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 report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $183.82.

Chevron Stock Down 1.5 %

CVX opened at $138.22 on Wednesday. The firm has a 50 day moving average price of $150.13 and a 200 day moving average price of $155.04. The company has a market cap of $254.73 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 2.34 and a beta of 1.09. Chevron Co. has a 1 year low of $137.09 and a 1 year high of $171.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the company posted $3.08 EPS. Sell-side analysts expect that Chevron Co. will post 11.86 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.72%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio (DPR) 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.