Ehrlich Financial Group Purchases New Position in Chevron Co. (NYSE:CVX)

Ehrlich Financial Group purchased a new stake in Chevron Co. (NYSE:CVX) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 1,263 shares of the oil and gas company’s stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. IMG Wealth Management Inc. purchased a new stake in Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron in the fourth quarter valued at approximately $29,000. 10Elms LLP purchased a new stake in Chevron in the fourth quarter valued at approximately $29,000. Fairway Wealth LLC lifted its stake in Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares during the last quarter. Finally, IFS Advisors LLC lifted its stake in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 116 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 2.4%

NYSE:CVX opened at $140.21 on Friday. The stock has a fifty day moving average price of $138.98 and a two-hundred day moving average price of $149.81. The stock has a market capitalization of $244.86 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. Chevron’s revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.93 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.88%. The ex-dividend date is Monday, May 19th. Chevron’s payout ratio is 78.17%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CVX. TD Cowen reduced their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Redburn Atlantic restated a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Hsbc Global Res cut Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Wells Fargo & Company cut their price target on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Finally, Piper Sandler cut their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Chevron currently has an average rating of “Hold” and a consensus target price of $160.24.

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.