Palumbo Wealth Management LLC Grows Position in Chevron Co. (NYSE:CVX)

Palumbo Wealth Management LLC grew its position in Chevron Co. (NYSE:CVXFree Report) by 19.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,560 shares of the oil and gas company’s stock after purchasing an additional 586 shares during the period. Palumbo Wealth Management LLC’s holdings in Chevron were worth $531,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Pallas Capital Advisors LLC grew its stake in Chevron by 133.9% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,600 shares of the oil and gas company’s stock worth $2,625,000 after buying an additional 10,077 shares during the period. Coerente Capital Management lifted its holdings in shares of Chevron by 2.8% during the 4th quarter. Coerente Capital Management now owns 20,540 shares of the oil and gas company’s stock valued at $3,064,000 after acquiring an additional 565 shares in the last quarter. Chicago Capital LLC boosted its position in Chevron by 4.8% during the 4th quarter. Chicago Capital LLC now owns 9,944 shares of the oil and gas company’s stock worth $1,483,000 after purchasing an additional 459 shares during the period. Covenant Asset Management LLC increased its holdings in Chevron by 2.6% in the 4th quarter. Covenant Asset Management LLC now owns 10,350 shares of the oil and gas company’s stock valued at $1,544,000 after purchasing an additional 267 shares in the last quarter. Finally, Secure Asset Management LLC raised its position in Chevron by 0.8% in the fourth quarter. Secure Asset Management LLC now owns 12,545 shares of the oil and gas company’s stock valued at $1,871,000 after purchasing an additional 102 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CVX. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and set a $170.00 target price for the company. in a research report on Tuesday, January 16th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective for the company. in a research report on Tuesday, February 6th. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research report on Monday. Jefferies Financial Group raised shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target for the company in a report on Monday, January 8th. Finally, UBS Group cut their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Thursday, December 14th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $180.39.

Get Our Latest Analysis on CVX

Chevron Trading Up 0.8 %

Chevron stock opened at $159.03 on Tuesday. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $172.88. The firm’s 50-day moving average is $152.56 and its 200-day moving average is $152.41. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. The company has a market cap of $295.36 billion, a P/E ratio of 14.00, a PEG ratio of 2.42 and a beta of 1.12.

Chevron (NYSE:CVXGet Free Report) last issued its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.19 by $0.26. The firm had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. Chevron’s revenue was down 16.5% on a year-over-year basis. During the same quarter last year, the company posted $4.09 earnings per share. On average, equities analysts expect that Chevron Co. will post 13.04 earnings per share for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a yield of 4.10%. Chevron’s dividend payout ratio (DPR) is currently 57.39%.

About Chevron

(Free Report)

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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