West Branch Capital LLC Boosts Stake in Chevron Co. (NYSE:CVX)

West Branch Capital LLC lifted its holdings in Chevron Co. (NYSE:CVX) by 30.6% in the 1st quarter, Holdings Channel reports. The firm owned 12,653 shares of the oil and gas company’s stock after acquiring an additional 2,964 shares during the period. West Branch Capital LLC’s holdings in Chevron were worth $2,117,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Capital & Planning LLC lifted its stake in shares of Chevron by 15.2% in the 4th 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. Eagle Capital Management LLC increased its holdings in Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock valued at $5,011,000 after buying an additional 242 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Chevron during the fourth quarter valued at approximately $8,947,000. Allspring Global Investments Holdings LLC raised its position in Chevron by 18.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 263,872 shares of the oil and gas company’s stock worth $38,712,000 after acquiring an additional 40,311 shares during the period. Finally, Van ECK Associates Corp boosted its stake in shares of Chevron by 12.3% during the 4th quarter. Van ECK Associates Corp now owns 718,848 shares of the oil and gas company’s stock worth $104,118,000 after acquiring an additional 78,602 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CVX shares. Piper Sandler reduced their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. UBS Group cut their price objective 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, TD Cowen decreased their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Stock Up 0.5%

Shares of CVX stock opened at $145.74 on Friday. The company’s fifty day simple moving average is $138.53 and its two-hundred day simple moving average is $149.20. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market cap of $254.52 billion, a P/E ratio of 14.99, a PEG ratio of 1.46 and a beta of 0.83. 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 (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. During the same period in the previous year, the firm posted $2.93 earnings per share. The business’s revenue was down 2.3% compared to the same quarter last year. Analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.69%. Chevron’s dividend 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.