Brookwood Investment Group LLC Acquires New Shares in Chevron Corporation (NYSE:CVX)

Brookwood Investment Group LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,788 shares of the oil and gas company’s stock, valued at approximately $1,470,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in Chevron during the 4th quarter valued at $3,017,750,000. GAMMA Investing LLC raised its stake in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Capital World Investors raised its stake in Chevron by 11.4% during the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock valued at $2,039,288,000 after acquiring an additional 1,440,808 shares in the last quarter. Northern Trust Corp raised its stake in Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Chevron by 6.9% during the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company’s stock valued at $2,176,579,000 after acquiring an additional 964,426 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 0.6%

Shares of CVX stock traded up $0.91 on Thursday, reaching $154.03. 3,172,279 shares of the company’s stock traded hands, compared to its average volume of 9,432,177. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The company has a market capitalization of $268.99 billion, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 2.48 and a beta of 0.83. The business’s 50 day moving average price is $144.59 and its two-hundred day moving average price is $148.73.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the previous year, the company posted $2.93 earnings per share. Chevron’s revenue for the quarter was down 2.3% compared to the same quarter last year. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share 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 paid a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.44%. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

Analyst Ratings Changes

Several analysts have weighed in on CVX shares. UBS Group cut 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. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Piper Sandler reissued an “overweight” rating on shares of Chevron in a research note on Tuesday, July 15th. Redburn Atlantic reissued a “sell” rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, Scotiabank reissued a “sector perform” rating and issued a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $162.13.

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.