Traynor Capital Management Inc. Buys 1,307 Shares of Chevron Co. (NYSE:CVX)

Traynor Capital Management Inc. increased its position in Chevron Co. (NYSE:CVX) by 8.5% during the 2nd quarter, Holdings Channel reports. The firm owned 16,614 shares of the oil and gas company’s stock after acquiring an additional 1,307 shares during the quarter. Traynor Capital Management Inc.’s holdings in Chevron were worth $2,599,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its position in Chevron by 4.9% during the 4th quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock valued at $3,202,000 after acquiring an additional 1,005 shares in the last quarter. GUNN & Co INVESTMENT MANAGEMENT INC. raised its stake in shares of Chevron by 796.5% during the 4th quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 15,599 shares of the oil and gas company’s stock worth $2,327,000 after acquiring an additional 13,859 shares in the last quarter. Marks Group Wealth Management Inc lifted its position in Chevron by 5.4% during the fourth quarter. Marks Group Wealth Management Inc now owns 2,083 shares of the oil and gas company’s stock valued at $311,000 after acquiring an additional 106 shares during the last quarter. Carret Asset Management LLC grew its holdings in Chevron by 0.4% in the fourth quarter. Carret Asset Management LLC now owns 80,820 shares of the oil and gas company’s stock worth $12,055,000 after purchasing an additional 288 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew its holdings in Chevron by 0.5% in the fourth quarter. Atria Wealth Solutions Inc. now owns 177,347 shares of the oil and gas company’s stock worth $26,453,000 after purchasing an additional 856 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CVX. Barclays lowered their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. HSBC boosted their price target on Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Mizuho increased their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Scotiabank dropped their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Finally, Wolfe Research started coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $183.82.

Chevron Stock Performance

Shares of NYSE CVX traded up $1.89 during midday trading on Friday, reaching $147.62. 4,824,078 shares of the stock were exchanged, compared to its average volume of 7,814,477. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The firm has a 50-day simple moving average of $152.97 and a two-hundred day simple moving average of $155.78. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The firm has a market cap of $272.06 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 2.46 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 for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $3.08 EPS. As a group, analysts anticipate that Chevron Co. will post 11.96 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Monday, August 19th. Chevron’s payout ratio is 59.98%.

Chevron Company 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.