Christensen King & Associates Investment Services Inc. Buys New Stake in Chevron Co. (NYSE:CVX)

Christensen King & Associates Investment Services Inc. bought a new stake in shares of Chevron Co. (NYSE:CVX) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,284 shares of the oil and gas company’s stock, valued at approximately $213,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Traphagen Investment Advisors LLC boosted its position in Chevron by 11.6% in the 1st quarter. Traphagen Investment Advisors LLC now owns 10,456 shares of the oil and gas company’s stock valued at $1,749,000 after buying an additional 1,089 shares during the last quarter. Crane Advisory LLC grew its stake in Chevron by 25.2% during the 1st quarter. Crane Advisory LLC now owns 2,821 shares of the oil and gas company’s stock valued at $472,000 after purchasing an additional 567 shares in the last quarter. Keystone Wealth Services LLC acquired a new stake in Chevron during the 1st quarter valued at approximately $236,000. Stewardship Advisors LLC acquired a new stake in Chevron during the 1st quarter valued at approximately $203,000. Finally, North Star Investment Management Corp. grew its stake in Chevron by 1.5% during the 1st quarter. North Star Investment Management Corp. now owns 22,926 shares of the oil and gas company’s stock valued at $3,835,000 after purchasing an additional 342 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $145.74 on Monday. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two 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 company has a market cap of $254.52 billion, a PE ratio of 14.99, a P/E/G ratio of 1.46 and a beta of 0.83. The firm has a 50-day simple moving average of $138.53 and a 200 day simple moving average of $149.02.

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

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.69%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is 78.17%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. TD Cowen cut their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and cut their target price for the company from $160.00 to $143.00 in a research note on Friday, April 11th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and cut their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, DZ Bank lowered shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Chevron has an average rating of “Hold” and an average target price of $160.24.

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.