Tower Wealth Partners Inc. Increases Stock Holdings in Chevron Co. (NYSE:CVX)

Tower Wealth Partners Inc. lifted its position in Chevron Co. (NYSE:CVX) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,164 shares of the oil and gas company’s stock after purchasing an additional 94 shares during the quarter. Tower Wealth Partners Inc.’s holdings in Chevron were worth $529,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CVX. Life Planning Partners Inc purchased a new stake in shares of Chevron in the fourth quarter valued at about $25,000. IMG Wealth Management Inc. purchased a new stake in shares of Chevron in the fourth quarter valued at about $25,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Chevron in the fourth quarter valued at about $29,000. 10Elms LLP purchased a new stake in shares of Chevron in the fourth quarter valued at about $29,000. Finally, Fairway Wealth LLC grew its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and lowered their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Piper Sandler lowered their target price on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Hsbc Global Res lowered shares of Chevron from a “strong-buy” rating to a “hold” rating 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 for the company. in a research note on Tuesday, May 6th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Trading Up 2.4%

NYSE CVX opened at $140.21 on Friday. The firm has a 50 day simple moving average of $138.98 and a 200-day simple moving average of $149.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a one year low of $132.04 and a one year high of $168.96. The firm has a market cap of $244.86 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating 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 business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the firm posted $2.93 earnings per share. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

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.