Emerald Advisors LLC Increases Position in Chevron Corporation (NYSE:CVX)

Emerald Advisors LLC increased its stake in shares of Chevron Corporation (NYSE:CVX) by 13.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 6,665 shares of the oil and gas company’s stock after buying an additional 775 shares during the quarter. Emerald Advisors LLC’s holdings in Chevron were worth $1,115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Eagle Capital Management LLC lifted its position 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 purchasing an additional 242 shares during the period. Bank Pictet & Cie Europe AG lifted its position in Chevron by 7.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock valued at $5,212,000 after purchasing an additional 2,641 shares during the period. SVB Wealth LLC acquired a new position in Chevron during the fourth quarter valued at $17,050,000. Sage Investment Counsel LLC acquired a new position in Chevron during the fourth quarter valued at $218,000. Finally, Maple Capital Management Inc. lifted its position in Chevron by 2.8% during the fourth quarter. Maple Capital Management Inc. now owns 158,623 shares of the oil and gas company’s stock valued at $22,975,000 after purchasing an additional 4,307 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of Chevron stock opened at $143.87 on Friday. The business has a 50 day simple moving average of $140.20 and a two-hundred day simple moving average of $148.22. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market capitalization of $251.26 billion, a P/E ratio of 16.44, a PEG ratio of 2.52 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter in the prior year, the firm earned $2.93 earnings per share. The business’s revenue was down 2.3% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders 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 4.75%. Chevron’s payout ratio is currently 78.17%.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research reports. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. UBS Group lowered their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $165.00 price target (up previously from $164.00) on shares of Chevron in a report on Thursday. Piper Sandler reduced their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Finally, TD Cowen reduced their price target on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a report on Monday, May 5th. Three 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. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and a consensus price target of $160.29.

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.