Narwhal Capital Management Increases Position in Chevron Corporation (NYSE:CVX)

Narwhal Capital Management increased its holdings in Chevron Corporation (NYSE:CVX) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,997 shares of the oil and gas company’s stock after acquiring an additional 633 shares during the quarter. Narwhal Capital Management’s holdings in Chevron were worth $5,855,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. IMG Wealth Management Inc. acquired a new position in shares of Chevron in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc bought a new stake in shares of Chevron in the fourth quarter worth $25,000. Mizuho Securities Co. Ltd. acquired a new stake in Chevron in the fourth quarter valued at $29,000. 10Elms LLP acquired a new stake in Chevron in the fourth quarter valued at $29,000. Finally, Fairway Wealth LLC boosted its stake in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. TD Cowen dropped their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. UBS Group decreased their price target on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Piper Sandler reduced their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. Finally, Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $160.24.

Chevron Price Performance

Shares of NYSE CVX opened at $146.92 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The firm has a market capitalization of $256.58 billion, a PE ratio of 16.79, a P/E/G ratio of 2.63 and a beta of 0.83. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The business’s fifty day moving average price is $139.60 and its two-hundred day moving average price is $148.52.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 business had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.93 EPS. On average, research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.66%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

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.