Diversify Wealth Management LLC Purchases New Position in Chevron Co. (NYSE:CVX)

Diversify Wealth Management LLC acquired a new position in shares of Chevron Co. (NYSE:CVX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 17,923 shares of the oil and gas company’s stock, valued at approximately $2,593,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Pacifica Partners Inc. raised its holdings in Chevron by 1.8% during the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock valued at $546,000 after buying an additional 63 shares during the period. Private Wealth Management Group LLC lifted its holdings in shares of Chevron by 15.7% in the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 63 shares during the last quarter. Montz Harcus Wealth Management LLC boosted its stake in shares of Chevron by 2.2% during the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after purchasing an additional 63 shares during the period. Hubbell Strickland Wealth Management LLC grew its holdings in Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after purchasing an additional 64 shares during the last quarter. Finally, Marks Group Wealth Management Inc lifted its stake in Chevron by 3.1% in the first quarter. Marks Group Wealth Management Inc now owns 2,148 shares of the oil and gas company’s stock worth $339,000 after purchasing an additional 65 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of CVX stock opened at $140.61 on Friday. The stock’s 50-day moving average is $149.12 and its 200 day moving average is $154.73. 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 company has a market cap of $257.16 billion, a P/E ratio of 12.94, a PEG ratio of 2.37 and a beta of 1.09.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.08 earnings per share. Research analysts predict that Chevron Co. will post 11.63 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders 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 dividend yield of 4.64%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is presently 59.98%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of analyst reports. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and cut their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Wolfe Research started coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Barclays lowered their target price on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Truist Financial reduced their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Finally, Royal Bank of Canada lowered their price objective on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price 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.