Golden State Equity Partners Purchases New Holdings in Chevron Co. (NYSE:CVX)

Golden State Equity Partners acquired a new position in shares of Chevron Co. (NYSE:CVX) in the second quarter, Holdings Channel reports. The fund acquired 21,080 shares of the oil and gas company’s stock, valued at approximately $3,297,000. Chevron comprises 0.7% of Golden State Equity Partners’ investment portfolio, making the stock its 24th largest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Eagle Capital Management LLC increased its stake in Chevron by 0.5% in the 1st 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 during the period. Lane & Associates LLC acquired a new position in shares of Chevron during the first quarter worth about $345,000. Seven Mile Advisory raised its holdings 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 purchasing an additional 247 shares in the last quarter. Paces Ferry Wealth Advisors LLC lifted its position in Chevron by 8.1% in the fourth quarter. Paces Ferry Wealth Advisors LLC now owns 2,394 shares of the oil and gas company’s stock valued at $357,000 after purchasing an additional 179 shares during the period. Finally, Fiducient Advisors LLC boosted its holdings in Chevron by 103.9% in the 4th quarter. Fiducient Advisors LLC now owns 2,737 shares of the oil and gas company’s stock valued at $408,000 after purchasing an additional 1,395 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

NYSE:CVX traded up $0.45 during trading hours on Friday, reaching $147.87. 6,414,178 shares of the company traded hands, compared to its average volume of 7,744,871. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The firm’s 50-day moving average is $152.42 and its 200-day moving average is $155.64. The stock has a market cap of $272.52 billion, a P/E ratio of 13.60, a P/E/G ratio of 2.46 and a beta of 1.10. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $48.68 billion. During the same period in the previous year, the business earned $3.08 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 11.96 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.41%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analyst Upgrades and Downgrades

CVX has been the subject of several recent analyst reports. Royal Bank of Canada reduced their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Mizuho raised their target price on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a report on Monday, May 13th. Wolfe Research initiated coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Truist Financial cut their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Finally, Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus 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.