Sierra Ocean LLC Boosts Stock Position in Chevron Corporation (NYSE:CVX)

Sierra Ocean LLC grew its position in Chevron Corporation (NYSE:CVX) by 15.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 882 shares of the oil and gas company’s stock after buying an additional 118 shares during the quarter. Sierra Ocean LLC’s holdings in Chevron were worth $148,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Bolthouse Investments LLC lifted its holdings in shares of Chevron by 63.0% in the 1st quarter. Bolthouse Investments LLC now owns 7,346 shares of the oil and gas company’s stock worth $1,229,000 after buying an additional 2,839 shares during the period. Whelan Financial lifted its holdings in shares of Chevron by 3.0% in the 1st quarter. Whelan Financial now owns 3,211 shares of the oil and gas company’s stock worth $537,000 after buying an additional 94 shares during the period. Burke & Herbert Bank & Trust Co. lifted its holdings in shares of Chevron by 4.3% in the 1st quarter. Burke & Herbert Bank & Trust Co. now owns 23,492 shares of the oil and gas company’s stock worth $3,930,000 after buying an additional 966 shares during the period. Novare Capital Management LLC lifted its holdings in shares of Chevron by 0.4% in the 1st quarter. Novare Capital Management LLC now owns 63,781 shares of the oil and gas company’s stock worth $10,670,000 after buying an additional 267 shares during the period. Finally, Concurrent Investment Advisors LLC lifted its holdings in shares of Chevron by 33.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 112,189 shares of the oil and gas company’s stock worth $18,768,000 after buying an additional 28,213 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 0.2%

Shares of NYSE:CVX opened at $148.23 on Friday. The business’s 50-day moving average is $141.16 and its 200 day moving average is $148.10. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a market capitalization of $258.86 billion, a P/E ratio of 16.94, a P/E/G ratio of 2.51 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.93 EPS. On average, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.61%. Chevron’s payout ratio is presently 78.17%.

Analysts Set New Price Targets

CVX has been the subject of several research reports. Piper Sandler upped their target price on Chevron from $162.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday. Mizuho reduced their price target on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. HSBC lowered Chevron from a “buy” rating to a “hold” rating and reduced their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $165.00 price target (up from $164.00) on shares of Chevron in a research report on Thursday, June 26th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Chevron has an average rating of “Hold” and an average price target of $160.41.

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.