Zega Financial LLC Invests $396,000 in Chevron Co. (NYSE:CVX)

Zega Financial LLC acquired a new position in Chevron Co. (NYSE:CVX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,532 shares of the oil and gas company’s stock, valued at approximately $396,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. O Brien Greene & Co. Inc grew its stake in shares of Chevron by 3.6% during the 2nd quarter. O Brien Greene & Co. Inc now owns 15,494 shares of the oil and gas company’s stock valued at $2,424,000 after purchasing an additional 538 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in Chevron by 12.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 147,515 shares of the oil and gas company’s stock worth $22,267,000 after buying an additional 16,268 shares in the last quarter. Meiji Yasuda Life Insurance Co lifted its holdings in Chevron by 4.5% in the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 11,852 shares of the oil and gas company’s stock worth $1,854,000 after purchasing an additional 510 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Chevron by 1.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 547,315 shares of the oil and gas company’s stock worth $85,611,000 after buying an additional 10,419 shares in the last quarter. Finally, Meridian Wealth Partners LLC boosted its holdings in shares of Chevron by 8.7% during the 2nd quarter. Meridian Wealth Partners LLC now owns 2,450 shares of the oil and gas company’s stock valued at $383,000 after purchasing an additional 197 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Truist Financial cut their target price on shares of Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Barclays reduced their target price on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Scotiabank reduced their price objective on 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, Royal Bank of Canada lowered their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $182.88.

Chevron Stock Up 1.0 %

Shares of CVX opened at $143.46 on Wednesday. The firm has a market capitalization of $262.38 billion, a P/E ratio of 13.20, a P/E/G ratio of 2.41 and a beta of 1.09. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $171.70. The firm has a fifty day moving average price of $148.69 and a 200-day moving average price of $154.61. 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 released 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 net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period last year, the firm earned $3.08 earnings per share. Chevron’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 11.57 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 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.