Reliant Investment Management LLC Acquires Shares of 1,569 Chevron Co. (NYSE:CVX)

Reliant Investment Management LLC acquired a new stake in Chevron Co. (NYSE:CVX) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,569 shares of the oil and gas company’s stock, valued at approximately $245,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI boosted its position in shares of Chevron by 8.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 84,205 shares of the oil and gas company’s stock valued at $13,171,000 after acquiring an additional 6,462 shares during the period. CarsonAllaria Wealth Management Ltd. boosted its position in shares of Chevron by 21.4% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 533 shares of the oil and gas company’s stock valued at $83,000 after acquiring an additional 94 shares during the period. GFG Capital LLC boosted its position in shares of Chevron by 7.5% in the second quarter. GFG Capital LLC now owns 2,867 shares of the oil and gas company’s stock valued at $448,000 after acquiring an additional 200 shares during the period. Focus Financial Network Inc. boosted its position in shares of Chevron by 3.2% in the second quarter. Focus Financial Network Inc. now owns 16,783 shares of the oil and gas company’s stock valued at $2,706,000 after acquiring an additional 518 shares during the period. Finally, Liberty One Investment Management LLC boosted its position in shares of Chevron by 18.8% in the second quarter. Liberty One Investment Management LLC now owns 23,437 shares of the oil and gas company’s stock valued at $3,666,000 after acquiring an additional 3,711 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Royal Bank of Canada cut their price objective on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Mizuho upped their price objective on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Scotiabank cut their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, TD Cowen upped their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Trading Up 0.4 %

Shares of Chevron stock traded up $0.63 on Wednesday, hitting $145.32. The stock had a trading volume of 5,785,839 shares, compared to its average volume of 7,855,362. The stock has a 50 day moving average of $153.39 and a 200 day moving average of $155.96. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The firm has a market capitalization of $267.82 billion, a P/E ratio of 13.47, a PEG ratio of 2.42 and a beta of 1.10.

Chevron (NYSE:CVX) last released 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 firm had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same period in the prior year, the company earned $3.08 EPS. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts expect that Chevron Co. will post 11.96 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

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.