Welch & Forbes LLC Buys 1,802 Shares of Chevron Corporation (NYSE:CVX)

Welch & Forbes LLC grew its stake in shares of Chevron Corporation (NYSE:CVX) by 0.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 414,657 shares of the oil and gas company’s stock after acquiring an additional 1,802 shares during the period. Welch & Forbes LLC’s holdings in Chevron were worth $69,368,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CVX. Norges Bank purchased a new position in Chevron during the 4th quarter worth $3,017,750,000. GAMMA Investing LLC increased its holdings 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 worth $904,746,000 after purchasing an additional 5,382,847 shares during the period. Capital World Investors increased its holdings 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 worth $2,039,288,000 after purchasing an additional 1,440,808 shares during the period. Northern Trust Corp increased its holdings 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 worth $2,965,135,000 after purchasing an additional 1,394,091 shares during the period. Finally, Invesco Ltd. increased its holdings 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 worth $2,176,579,000 after purchasing an additional 964,426 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.6%

Chevron stock opened at $150.71 on Wednesday. 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 stock has a market capitalization of $263.20 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.57 and a beta of 0.83. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The business has a fifty day moving average price of $143.24 and a 200-day moving average price of $148.54.

Chevron (NYSE:CVX) last posted its quarterly earnings data 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 analysts’ expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.93 EPS. Equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.54%. Chevron’s dividend payout ratio is currently 78.17%.

Analyst Ratings Changes

Several research firms have commented on CVX. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Scotiabank restated a “sector perform” rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Mizuho reduced their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Piper Sandler restated an “overweight” rating on shares of Chevron in a report on Tuesday. Finally, 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. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $161.65.

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.