Weik Capital Management Increases Stock Position in Chevron Co. (NYSE:CVX)

Weik Capital Management raised its position in Chevron Co. (NYSE:CVX) by 4.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,690 shares of the oil and gas company’s stock after buying an additional 650 shares during the period. Chevron comprises 1.0% of Weik Capital Management’s investment portfolio, making the stock its 25th biggest position. Weik Capital Management’s holdings in Chevron were worth $2,454,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CVX. Eagle Capital Management LLC increased its position in shares of Chevron by 0.5% in the first quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock valued at $5,435,000 after buying an additional 163 shares in the last quarter. Lane & Associates LLC purchased a new stake in Chevron in the 1st quarter worth $345,000. Seven Mile Advisory raised its position in Chevron by 9.8% during the fourth quarter. Seven Mile Advisory now owns 2,766 shares of the oil and gas company’s stock worth $413,000 after acquiring an additional 247 shares during the period. KCM Investment Advisors LLC lifted its holdings in Chevron by 2.5% during the first quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock valued at $52,299,000 after purchasing an additional 8,168 shares in the last quarter. Finally, Livelsberger Financial Advisory acquired a new stake in shares of Chevron in the fourth quarter valued at about $46,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

NYSE:CVX opened at $140.61 on Friday. The company has a market capitalization of $257.16 billion, a P/E ratio of 12.94, a P/E/G ratio of 2.37 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $171.70. The stock’s fifty day moving average is $149.12 and its two-hundred day moving average is $154.73.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter last year, the firm posted $3.08 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Chevron Co. will post 11.63 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research reports. Truist Financial decreased their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Barclays dropped their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Royal Bank of Canada decreased their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Scotiabank decreased their price target on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $183.82.

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.