Vident Advisory LLC Boosts Stock Holdings in Chevron Co. (NYSE:CVX)

Vident Advisory LLC boosted its position in Chevron Co. (NYSE:CVX) by 99.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 240,201 shares of the oil and gas company’s stock after purchasing an additional 119,757 shares during the period. Vident Advisory LLC’s holdings in Chevron were worth $34,793,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CVX. Regent Peak Wealth Advisors LLC grew its position in shares of Chevron by 4.3% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 4,117 shares of the oil and gas company’s stock valued at $596,000 after purchasing an additional 168 shares in the last quarter. Capital & Planning LLC increased its holdings in shares of Chevron by 15.2% in the fourth quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company’s stock worth $243,000 after purchasing an additional 222 shares during the period. Merit Financial Group LLC increased its holdings in shares of Chevron by 19.7% in the fourth quarter. Merit Financial Group LLC now owns 81,697 shares of the oil and gas company’s stock worth $11,833,000 after purchasing an additional 13,443 shares during the period. Somerset Trust Co increased its holdings in shares of Chevron by 2.6% in the fourth quarter. Somerset Trust Co now owns 14,756 shares of the oil and gas company’s stock worth $2,137,000 after purchasing an additional 371 shares during the period. Finally, Helen Stephens Group LLC increased its holdings in shares of Chevron by 4.8% in the fourth quarter. Helen Stephens Group LLC now owns 3,489 shares of the oil and gas company’s stock worth $505,000 after purchasing an additional 159 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

NYSE CVX opened at $142.04 on Monday. The company has a 50-day simple moving average of $146.65 and a two-hundred day simple moving average of $151.81. The company has a quick ratio of 0.80, a current ratio of 1.07 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 firm has a market cap of $248.06 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.93 earnings per share. On average, equities analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.82%. Chevron’s dividend payout ratio is currently 78.17%.

Wall Street Analyst Weigh In

CVX has been the topic of several research analyst reports. Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 price target (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Piper Sandler reduced their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. TD Cowen reduced their target price on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Finally, Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $171.00 to $152.00 in a research note 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 issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target 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.