Reliant Investment Management LLC Purchases 315 Shares of Chevron Co. (NYSE:CVX)

Reliant Investment Management LLC grew its position in shares of Chevron Co. (NYSE:CVX) by 17.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,093 shares of the oil and gas company’s stock after buying an additional 315 shares during the quarter. Reliant Investment Management LLC’s holdings in Chevron were worth $350,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CVX. Pine Haven Investment Counsel Inc bought a new position in Chevron in the 1st quarter valued at $213,000. Gateway Investment Advisers LLC boosted its holdings in shares of Chevron by 4.1% in the 1st quarter. Gateway Investment Advisers LLC now owns 414,637 shares of the oil and gas company’s stock worth $69,365,000 after buying an additional 16,462 shares during the last quarter. Successful Portfolios LLC grew its position in Chevron by 2.9% during the first quarter. Successful Portfolios LLC now owns 3,433 shares of the oil and gas company’s stock valued at $574,000 after buying an additional 96 shares during the period. Congress Asset Management Co. increased its holdings in Chevron by 0.8% during the first quarter. Congress Asset Management Co. now owns 83,034 shares of the oil and gas company’s stock worth $13,891,000 after buying an additional 626 shares during the last quarter. Finally, Radnor Capital Management LLC raised its position in Chevron by 0.5% in the first quarter. Radnor Capital Management LLC now owns 23,587 shares of the oil and gas company’s stock worth $3,946,000 after acquiring an additional 125 shares during the period. Institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CVX shares. Wells Fargo & Company dropped their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Piper Sandler dropped their price objective on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. UBS Group lowered their target price on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Finally, Mizuho dropped their price target on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research 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 MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Trading Up 2.4%

NYSE CVX opened at $140.21 on Friday. The stock has a market cap of $244.86 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. Chevron Co. has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a 50 day simple moving average of $138.98 and a two-hundred 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 (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.93 earnings per share. On average, analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s payout ratio is 78.17%.

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.