Griffith & Werner Inc. Boosts Stock Position in Chevron Co. (NYSE:CVX)

Griffith & Werner Inc. grew its stake in Chevron Co. (NYSE:CVX) by 8.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,036 shares of the oil and gas company’s stock after purchasing an additional 1,397 shares during the period. Chevron makes up about 1.8% of Griffith & Werner Inc.’s holdings, making the stock its 24th largest holding. Griffith & Werner Inc.’s holdings in Chevron were worth $2,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CVX. KMG Fiduciary Partners LLC grew its position in Chevron by 7.0% in the first quarter. KMG Fiduciary Partners LLC now owns 73,253 shares of the oil and gas company’s stock worth $12,254,000 after acquiring an additional 4,775 shares during the period. City Center Advisors LLC purchased a new position in Chevron in the first quarter worth approximately $232,000. ARS Wealth Advisors Group LLC grew its position in Chevron by 0.5% in the first quarter. ARS Wealth Advisors Group LLC now owns 118,881 shares of the oil and gas company’s stock worth $19,888,000 after acquiring an additional 549 shares during the period. Miracle Mile Advisors LLC grew its position in Chevron by 4.8% in the first quarter. Miracle Mile Advisors LLC now owns 73,307 shares of the oil and gas company’s stock worth $12,264,000 after acquiring an additional 3,361 shares during the period. Finally, RDA Financial Network grew its position in Chevron by 215.0% in the first quarter. RDA Financial Network now owns 12,586 shares of the oil and gas company’s stock worth $2,106,000 after acquiring an additional 8,590 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. TD Cowen lowered their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Piper Sandler lowered their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. BNP Paribas lowered Chevron to a “cautious” rating in a research report on Tuesday, April 15th. HSBC lowered Chevron from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Redburn Atlantic restated a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Stock Up 2.4%

Shares of NYSE CVX opened at $140.21 on Friday. The stock has a market cap of $244.86 billion, a P/E ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The business’s fifty day simple moving average is $138.98 and its 200-day simple moving average is $149.73.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) 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 analysts’ expectations of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm earned $2.93 earnings per share. As a group, equities analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

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.