Salomon & Ludwin LLC Acquires New Holdings in Chevron Co. (NYSE:CVX)

Salomon & Ludwin LLC acquired a new stake in shares of Chevron Co. (NYSE:CVXGet Rating) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,614 shares of the oil and gas company’s stock, valued at approximately $263,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter worth $3,111,594,000. Invesco Ltd. increased its stake in shares of Chevron by 6.8% in the fourth quarter. Invesco Ltd. now owns 14,400,260 shares of the oil and gas company’s stock worth $1,689,870,000 after purchasing an additional 917,773 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Chevron by 534.8% in the fourth quarter. Los Angeles Capital Management LLC now owns 946,854 shares of the oil and gas company’s stock worth $111,113,000 after purchasing an additional 797,701 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Chevron by 28.9% in the fourth quarter. Renaissance Technologies LLC now owns 3,253,895 shares of the oil and gas company’s stock worth $381,845,000 after purchasing an additional 730,170 shares in the last quarter. Finally, Stonegate Investment Group LLC purchased a new stake in shares of Chevron in the fourth quarter worth $84,849,000. Institutional investors own 65.89% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $153.64 on Friday. Chevron Co. has a 52 week low of $92.86 and a 52 week high of $182.40. The stock has a market capitalization of $301.87 billion, a P/E ratio of 10.25, a PEG ratio of 0.61 and a beta of 1.15. The firm has a fifty day simple moving average of $154.37 and a two-hundred day simple moving average of $155.35. The company has a quick ratio of 1.22, a current ratio of 1.43 and a debt-to-equity ratio of 0.20.

Chevron (NYSE:CVXGet Rating) last released its earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $1.16. The firm had revenue of $68.76 billion during the quarter, compared to analyst estimates of $57.69 billion. Chevron had a net margin of 13.45% and a return on equity of 20.19%. The business’s revenue was up 82.9% on a year-over-year basis. During the same quarter last year, the business earned $1.71 EPS. On average, analysts expect that Chevron Co. will post 17.51 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Friday, August 19th will be issued a $1.42 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $5.68 annualized dividend and a dividend yield of 3.70%. Chevron’s dividend payout ratio (DPR) is presently 37.89%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CVX shares. Cowen reduced their price objective on shares of Chevron from $179.00 to $160.00 and set an “outperform” rating for the company in a research note on Friday, July 1st. Bank of America increased their price objective on shares of Chevron from $178.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, August 1st. Barclays increased their price objective on shares of Chevron from $183.00 to $196.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 31st. Truist Financial cut their target price on shares of Chevron from $170.00 to $166.00 and set a “hold” rating for the company in a research note on Tuesday, July 19th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $172.00 target price on shares of Chevron in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $173.00.

Insider Transactions at Chevron

In related news, Director Wanda M. Austin sold 11,432 shares of Chevron stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the completion of the sale, the director now owns 3,560 shares in the company, valued at approximately $574,762. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Wanda M. Austin sold 11,432 shares of Chevron stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the completion of the sale, the director now owns 3,560 shares in the company, valued at approximately $574,762. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Inchausti sold 5,600 shares of Chevron stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $164.85, for a total transaction of $923,160.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 399,043 shares of company stock worth $67,010,843. 0.32% of the stock is currently owned by insiders.

About Chevron

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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