Forza Wealth Management LLC Increases Stake in Chevron Co. (NYSE:CVX)

Forza Wealth Management LLC raised its holdings in shares of Chevron Co. (NYSE:CVX) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,899 shares of the oil and gas company’s stock after purchasing an additional 110 shares during the quarter. Forza Wealth Management LLC’s holdings in Chevron were worth $1,719,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. Norges Bank purchased a new stake in Chevron during the 4th quarter worth about $2,902,007,000. Berkshire Hathaway Inc grew its stake in Chevron by 14.4% during the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after acquiring an additional 15,845,037 shares in the last quarter. Capital World Investors increased its holdings in Chevron by 43.5% during the 4th quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock worth $2,314,070,000 after acquiring an additional 4,700,289 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Chevron by 73,888.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock worth $686,554,000 after acquiring an additional 4,596,584 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in Chevron by 15,548.2% in the 4th quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock worth $4,776,720,000 after purchasing an additional 3,181,946 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on CVX shares. DZ Bank cut shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price target on the stock. in a report on Tuesday, February 6th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $170.00 to $195.00 in a research note on Thursday, April 11th. UBS Group lifted their price objective on shares of Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Barclays initiated coverage on Chevron in a report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 target price for the company. Finally, Jefferies Financial Group upgraded Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research report on Monday, January 8th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.25.

Insider Activity

In related news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Chevron Stock Up 0.3 %

NYSE CVX traded up $0.45 during trading hours on Monday, reaching $166.34. 6,365,830 shares of the company’s stock traded hands, compared to its average volume of 8,454,267. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. The firm has a 50-day simple moving average of $156.81 and a 200 day simple moving average of $151.70. The firm has a market cap of $308.94 billion, a PE ratio of 15.30, a PEG ratio of 2.44 and a beta of 1.12.

Chevron (NYSE:CVX) last released its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. The firm had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.38%. The business’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the business earned $3.55 earnings per share. Sell-side analysts anticipate that Chevron Co. will post 13.58 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 17th will be paid a $1.63 dividend. The ex-dividend date is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.92%. Chevron’s dividend payout ratio is currently 59.98%.

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.