Forum Financial Management LP Purchases 4,160 Shares of Chevron Co. (NYSE:CVX)

Forum Financial Management LP raised its position in Chevron Co. (NYSE:CVX) by 12.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,561 shares of the oil and gas company’s stock after acquiring an additional 4,160 shares during the quarter. Forum Financial Management LP’s holdings in Chevron were worth $5,296,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Life Planning Partners Inc acquired a new position in Chevron during the fourth quarter worth approximately $25,000. IMG Wealth Management Inc. acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the 4th quarter worth approximately $29,000. 10Elms LLP acquired a new position in shares of Chevron during the 4th quarter worth approximately $29,000. Finally, Fairway Wealth LLC increased its holdings in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.0%

Shares of NYSE:CVX opened at $136.66 on Friday. The business’s 50 day simple moving average is $144.66 and its 200 day simple moving average is $151.25. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market capitalization of $238.66 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last released its 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 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the prior year, the company posted $2.93 EPS. The company’s revenue was down 2.3% compared to the same quarter last year. On average, research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 5.01%. Chevron’s payout ratio is 78.17%.

Wall Street Analyst Weigh In

A number of research firms have commented on CVX. UBS Group reduced their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. TD Cowen reduced their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a report on Monday, May 5th. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Piper Sandler cut their price objective on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Finally, Truist Financial reduced their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $160.24.

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.