Old North State Wealth Management LLC Raises Stock Holdings in Chevron Corporation (NYSE:CVX)

by · The Cerbat Gem

Old North State Wealth Management LLC grew its stake in Chevron Corporation (NYSE:CVX – Free Report) by 7.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,780 shares of the oil and gas company’s stock after acquiring an additional 260 shares during the quarter. Old North State Wealth Management LLC’s holdings in Chevron were worth $634,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Chevron in the 4th quarter worth about $3,017,750,000. Raymond James Financial Inc. purchased a new position in shares of Chevron in the 4th quarter worth about $1,036,302,000. GAMMA Investing LLC raised its holdings in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after purchasing an additional 5,382,847 shares during the period. Amundi raised its holdings in shares of Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after purchasing an additional 1,910,262 shares during the period. Finally, Capital World Investors raised its holdings in shares of Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock worth $2,039,288,000 after purchasing an additional 1,440,808 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on CVX shares. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Wells Fargo & Company restated an “overweight” rating and issued a $165.00 price objective (up from $164.00) on shares of Chevron in a report on Thursday. BNP Paribas lowered Chevron to a “cautious” rating in a research note on Tuesday, April 15th. UBS Group lowered their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, Redburn Atlantic reiterated a “sell” rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three equities research 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’s stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Hold” and an average target price of $160.29.

Read Our Latest Stock Analysis on CVX

Chevron Stock Down 0.4%

CVX stock opened at $143.87 on Friday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $251.26 billion, a P/E ratio of 16.44, a PEG ratio of 2.54 and a beta of 0.83. The firm has a 50 day simple moving average of $140.20 and a 200-day simple moving average of $148.27.

Chevron (NYSE:CVX – Get Free Report) last released its quarterly 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. 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 the consensus estimate of $49.05 billion. During the same quarter last year, the company earned $2.93 earnings per share. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

About Chevron

(Free Report)

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.

See Also

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