Chevron Corporation (NYSE:CVX) Shares Acquired by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC grew its position in Chevron Corporation (NYSE:CVX) by 17.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,644 shares of the oil and gas company’s stock after acquiring an additional 533 shares during the period. Palumbo Wealth Management LLC’s holdings in Chevron were worth $610,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Sage Capital Advisors llc raised its position in shares of Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock worth $7,097,000 after purchasing an additional 919 shares during the last quarter. CCG Wealth Management LLC raised its position in shares of Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock worth $1,060,000 after purchasing an additional 145 shares during the last quarter. Pines Wealth Management LLC raised its position in shares of Chevron by 3.3% during the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock worth $1,306,000 after purchasing an additional 253 shares during the last quarter. Viking Fund Management LLC raised its position in shares of Chevron by 9.3% during the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock worth $19,573,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Allianz SE acquired a new position in shares of Chevron during the 4th quarter worth about $9,369,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

Chevron stock opened at $149.36 on Monday. The firm has a 50 day simple moving average of $139.37 and a 200-day simple moving average of $148.58. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The stock has a market cap of $260.84 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 2.63 and a beta of 0.83.

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. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter in the prior year, the company posted $2.93 EPS. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. On average, analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.58%. Chevron’s dividend payout ratio (DPR) is 78.17%.

Analyst Upgrades and Downgrades

CVX has been the subject of several research analyst reports. Scotiabank downgraded shares of 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. HSBC downgraded shares of 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. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective for the company. in a report on Tuesday, May 6th. Finally, Redburn Atlantic reiterated a “sell” rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $160.24.

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.