Heritage Wealth Management Inc. Invests $4.01 Million in Chevron Co. (NYSE:CVX)

Heritage Wealth Management Inc. purchased a new position in shares of Chevron Co. (NYSE:CVX) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 25,970 shares of the oil and gas company’s stock, valued at approximately $4,007,000. Chevron makes up 1.3% of Heritage Wealth Management Inc.’s portfolio, making the stock its 11th biggest position.

Several other hedge funds also recently made changes to their positions in the business. American Capital Advisory LLC grew its stake in shares of Chevron by 403.2% in the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 125 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in Chevron during the fourth quarter worth $30,000. Anfield Capital Management LLC boosted its position in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the period. Cyrus J. Lawrence LLC boosted its position in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the period. Finally, Cooksen Wealth LLC bought a new position in Chevron during the fourth quarter worth $40,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

NYSE:CVX opened at $149.73 on Wednesday. The stock has a market cap of $273.84 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The stock’s 50-day moving average is $146.34 and its 200-day moving average is $154.21. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $170.17.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter last year, the firm posted $3.08 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts anticipate that Chevron Co. will post 11.02 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s payout ratio is presently 59.98%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Truist Financial reduced their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research report on Monday. Wolfe Research initiated coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Royal Bank of Canada dropped their target price on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Finally, Barclays dropped their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.00.

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.