Nova R Wealth Inc. Has $754,000 Holdings in Chevron Corporation (NYSE:CVX)

Nova R Wealth Inc. raised its position in shares of Chevron Corporation (NYSE:CVX) by 3.0% in the first quarter, Holdings Channel reports. The firm owned 4,506 shares of the oil and gas company’s stock after buying an additional 131 shares during the period. Nova R Wealth Inc.’s holdings in Chevron were worth $754,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at approximately $3,017,750,000. Raymond James Financial Inc. bought a new position in shares of Chevron during the 4th quarter valued at $1,036,302,000. GAMMA Investing LLC lifted its stake in shares of Chevron by 21,191.5% in 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 purchasing an additional 5,382,847 shares during the last quarter. Amundi lifted its stake in shares of Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares during the last quarter. Finally, Capital World Investors boosted its holdings in Chevron by 11.4% in the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock worth $2,039,288,000 after purchasing an additional 1,440,808 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

NYSE CVX opened at $143.49 on Thursday. The company’s fifty day moving average is $139.95 and its two-hundred day moving average is $148.45. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The firm has a market capitalization of $250.59 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 2.52 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, topping 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 period last year, the business earned $2.93 earnings per share. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.77%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is presently 78.17%.

Analysts Set New Price Targets

Several equities analysts have weighed in on CVX shares. Mizuho cut their target price on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. BNP Paribas downgraded Chevron to a “cautious” rating in a research note on Tuesday, April 15th. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. Finally, Scotiabank cut shares of Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $160.24.

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.