Trueblood Wealth Management LLC Makes New $2.58 Million Investment in Chevron Co. (NYSE:CVX)

Trueblood Wealth Management LLC bought a new position in Chevron Co. (NYSE:CVX) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 17,277 shares of the oil and gas company’s stock, valued at approximately $2,577,000. Chevron makes up about 1.6% of Trueblood Wealth Management LLC’s portfolio, making the stock its 6th largest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after acquiring an additional 458,080 shares during the last quarter. Morgan Stanley lifted its position in Chevron by 7.0% during the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after acquiring an additional 2,244,995 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its position in Chevron by 104,997.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after acquiring an additional 24,467,521 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Chevron by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 24,236,141 shares of the oil and gas company’s stock valued at $4,059,834,000 after acquiring an additional 368,898 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Chevron by 2.6% during the third quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock valued at $3,828,537,000 after acquiring an additional 569,850 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of NYSE CVX traded up $1.39 during trading on Thursday, hitting $157.74. The company had a trading volume of 8,239,535 shares, compared to its average volume of 8,777,168. The stock has a fifty day simple moving average of $151.60 and a two-hundred day simple moving average of $152.67. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $172.88. The firm has a market capitalization of $292.97 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business had revenue of $47.18 billion for the quarter, compared to analyst estimates of $50.93 billion. During the same quarter last year, the business earned $4.09 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. On average, research analysts expect that Chevron Co. will post 13.04 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were paid a $1.63 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio (DPR) is currently 57.39%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CVX. Mizuho raised their price target on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective on the stock. in a research note on Tuesday, February 6th. TD Cowen lowered shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $170.00 to $150.00 in a research note on Tuesday, January 23rd. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and set a $170.00 price objective on the stock. in a research note on Tuesday, January 16th. Finally, Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research note on Monday, January 8th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average price target of $180.39.

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.