Destiny Wealth Partners LLC Grows Stock Position in Chevron Co. (NYSE:CVX)

Destiny Wealth Partners LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 8.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,320 shares of the oil and gas company’s stock after buying an additional 262 shares during the period. Destiny Wealth Partners LLC’s holdings in Chevron were worth $555,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Life Planning Partners Inc acquired a new stake in shares of Chevron during the 4th quarter valued at about $25,000. IMG Wealth Management Inc. acquired a new stake in shares of Chevron during the 4th quarter valued at about $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Chevron during the 4th quarter valued at about $29,000. 10Elms LLP acquired a new stake in shares of Chevron during the 4th quarter valued at about $29,000. Finally, Fairway Wealth LLC grew its position in shares of 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 period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research analyst reports. BNP Paribas cut Chevron to a “cautious” rating in a report on Tuesday, April 15th. TD Cowen lowered their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, May 5th. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Finally, DZ Bank cut Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a report on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $160.24.

Chevron Stock Up 2.4%

CVX stock opened at $140.21 on Monday. The firm has a market cap of $244.86 billion, a PE ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm’s 50 day moving average price is $138.98 and its 200-day moving average price is $149.65. Chevron Co. has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.93 EPS. On average, equities research analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s payout ratio is 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.