BTS Asset Management Inc. Purchases Shares of 1,303 Chevron Co. (NYSE:CVX)

BTS Asset Management Inc. acquired a new position in Chevron Co. (NYSE:CVX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,303 shares of the oil and gas company’s stock, valued at approximately $218,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after acquiring an additional 392,916 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock valued at $4,613,960,000 after buying an additional 746,806 shares in the last quarter. Norges Bank purchased a new position in Chevron during the fourth quarter valued at $3,017,750,000. Northern Trust Corp boosted its holdings in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after acquiring an additional 410,460 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.1%

NYSE CVX opened at $144.90 on Friday. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $253.05 billion, a PE ratio of 14.91, a P/E/G ratio of 1.46 and a beta of 0.83. The stock’s 50 day moving average is $138.35 and its 200 day moving average is $149.32.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.93 earnings per share. Research analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.72%. Chevron’s dividend payout ratio is currently 78.17%.

Analysts Set New Price Targets

CVX has been the subject of several recent analyst reports. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Mizuho reduced their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. DZ Bank downgraded Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. HSBC cut Chevron from a “buy” rating to a “hold” rating and dropped their price objective for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $160.24.

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.