FMB Wealth Management Acquires 3,892 Shares of Chevron Co. (NYSE:CVX)

FMB Wealth Management grew its holdings in shares of Chevron Co. (NYSE:CVX) by 90.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 8,215 shares of the oil and gas company’s stock after acquiring an additional 3,892 shares during the period. Chevron comprises 0.8% of FMB Wealth Management’s holdings, making the stock its 26th largest holding. FMB Wealth Management’s holdings in Chevron were worth $1,374,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Life Planning Partners Inc acquired a new stake in Chevron during the 4th quarter worth about $25,000. IMG Wealth Management Inc. bought a new stake in shares of Chevron during the 4th quarter valued at about $25,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Chevron during the 4th quarter valued at about $29,000. 10Elms LLP acquired a new stake in Chevron during the fourth quarter worth approximately $29,000. Finally, Fairway Wealth LLC increased its holdings in Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. HSBC cut Chevron from a “buy” rating to a “hold” rating and cut their price target for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. BNP Paribas downgraded Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Wells Fargo & Company dropped their price target on Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Scotiabank cut Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Finally, Piper Sandler cut their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Trading Up 1.0%

Shares of Chevron stock opened at $144.83 on Thursday. The firm has a market cap of $252.93 billion, a PE ratio of 14.90, a P/E/G ratio of 1.46 and a beta of 0.83. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock has a fifty day moving average price of $138.24 and a 200-day moving average price of $149.42.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during 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% compared to the same quarter last year. During the same quarter last year, the company posted $2.93 earnings per share. Equities research analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.72%. Chevron’s payout ratio is 78.17%.

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.