SouthState Corp Acquires 3,071 Shares of Chevron Corporation (NYSE:CVX)

SouthState Corp grew its holdings in shares of Chevron Corporation (NYSE:CVX) by 3.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,350 shares of the oil and gas company’s stock after purchasing an additional 3,071 shares during the quarter. SouthState Corp’s holdings in Chevron were worth $16,286,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. CCM Investment Group LLC purchased a new stake in shares of Chevron in the first quarter worth about $7,613,000. Cobblestone Capital Advisors LLC NY lifted its holdings in shares of Chevron by 14.8% in the first quarter. Cobblestone Capital Advisors LLC NY now owns 32,274 shares of the oil and gas company’s stock worth $5,399,000 after buying an additional 4,149 shares in the last quarter. Nuveen LLC purchased a new stake in Chevron in the first quarter valued at approximately $1,362,232,000. Aigen Investment Management LP purchased a new stake in Chevron in the first quarter valued at approximately $999,000. Finally, Cooper Financial Group raised its stake in Chevron by 7.4% in the first quarter. Cooper Financial Group now owns 18,966 shares of the oil and gas company’s stock valued at $3,173,000 after purchasing an additional 1,306 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $154.98 on Friday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The business’s fifty day simple moving average is $148.45 and its 200-day simple moving average is $148.58. The company has a market capitalization of $270.66 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 2.32 and a beta of 0.87.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the company earned $2.55 earnings per share. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron’s dividend payout ratio (DPR) is 88.03%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent analyst reports. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research note on Friday, July 18th. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Morgan Stanley started coverage on shares of Chevron in a research note on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price on the stock. Finally, UBS Group reissued a “buy” rating and set a $186.00 price target (up from $177.00) on shares of Chevron in a research note on Monday, August 4th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $164.11.

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.