Cherrydale Wealth Management LLC Purchases Shares of 1,461 Chevron Co. (NYSE:CVX)

Cherrydale Wealth Management LLC purchased a new position in shares of Chevron Co. (NYSE:CVX) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,461 shares of the oil and gas company’s stock, valued at approximately $244,000.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after buying an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock valued at $4,613,960,000 after acquiring an additional 746,806 shares during the last quarter. Norges Bank purchased a new position in shares of Chevron during the 4th quarter worth about $3,017,750,000. Northern Trust Corp boosted its position in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after acquiring an additional 410,460 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Trading Up 2.4%

CVX opened at $140.21 on Monday. The firm’s 50 day moving average is $138.98 and its 200-day moving average is $149.65. Chevron Co. has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $244.86 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.93 EPS. Analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is 78.17%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CVX shares. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and dropped their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Wells Fargo & Company cut their target price on Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. UBS Group lowered their price target on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Finally, Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Hold” and an average target price of $160.24.

About Chevron

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.