Cedar Wealth Management LLC Grows Holdings in Chevron Co. (NYSE:CVX)

Cedar Wealth Management LLC raised its position in Chevron Co. (NYSE:CVX) by 9.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,808 shares of the oil and gas company’s stock after buying an additional 245 shares during the period. Cedar Wealth Management LLC’s holdings in Chevron were worth $439,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Eagle Capital Management LLC raised its stake in shares of Chevron by 0.5% in the 1st quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock valued at $5,435,000 after purchasing an additional 163 shares in the last quarter. Lane & Associates LLC bought a new position in Chevron during the 1st quarter worth approximately $345,000. KCM Investment Advisors LLC grew its position in shares of Chevron by 2.5% in the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after acquiring an additional 8,168 shares in the last quarter. Livelsberger Financial Advisory acquired a new stake in shares of Chevron during the 4th quarter valued at approximately $46,000. Finally, Hosking Partners LLP bought a new position in Chevron during the first quarter worth $4,924,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CVX shares. UBS Group reduced their price objective on Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a research report on Wednesday. Mizuho lowered their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday. Royal Bank of Canada decreased their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Wolfe Research initiated coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Truist Financial decreased their target price on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $182.41.

Chevron Stock Performance

Shares of CVX stock opened at $144.98 on Friday. The firm has a market cap of $267.19 billion, a P/E ratio of 13.34, a PEG ratio of 2.48 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $171.70. The stock’s 50-day moving average is $148.26 and its two-hundred day moving average is $154.47.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $3.08 earnings per share. Analysts predict that Chevron Co. will post 11.48 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.50%. Chevron’s payout ratio is currently 59.98%.

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.