Victory Capital Management Inc. Boosts Stake in Chevron Co. (NYSE:CVX)

Victory Capital Management Inc. grew its position in shares of Chevron Co. (NYSE:CVX) by 0.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,335,263 shares of the oil and gas company’s stock after purchasing an additional 7,416 shares during the period. Victory Capital Management Inc.’s holdings in Chevron were worth $208,862,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CVX. Peterson Wealth Management grew its position in shares of Chevron by 5.8% in the second quarter. Peterson Wealth Management now owns 8,213 shares of the oil and gas company’s stock valued at $1,285,000 after purchasing an additional 448 shares during the period. Columbia Asset Management boosted its stake in Chevron by 9.9% in the 2nd quarter. Columbia Asset Management now owns 37,613 shares of the oil and gas company’s stock worth $5,883,000 after buying an additional 3,392 shares during the last quarter. Waverton Investment Management Ltd grew its holdings in Chevron by 3.3% in the 2nd quarter. Waverton Investment Management Ltd now owns 55,567 shares of the oil and gas company’s stock valued at $8,692,000 after buying an additional 1,791 shares during the period. Bordeaux Wealth Advisors LLC increased its stake in shares of Chevron by 7.8% during the 2nd quarter. Bordeaux Wealth Advisors LLC now owns 3,249 shares of the oil and gas company’s stock valued at $508,000 after acquiring an additional 234 shares during the last quarter. Finally, Hamel Associates Inc. lifted its holdings in shares of Chevron by 1.6% during the 2nd quarter. Hamel Associates Inc. now owns 46,328 shares of the oil and gas company’s stock worth $7,246,000 after acquiring an additional 737 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of several research analyst reports. Mizuho upped their price target 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. Truist Financial dropped their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Royal Bank of Canada reduced their target price on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Wolfe Research began coverage on Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Stock Performance

Shares of Chevron stock opened at $140.93 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70. The firm’s 50-day simple moving average is $151.18 and its 200-day simple moving average is $155.37. The firm has a market cap of $257.75 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.08 earnings per share. Equities analysts forecast that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.63%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s dividend payout ratio is currently 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.