Novare Capital Management LLC Has $10.67 Million Stock Position in Chevron Corporation (NYSE:CVX)

Novare Capital Management LLC increased its position in Chevron Corporation (NYSE:CVX) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,781 shares of the oil and gas company’s stock after purchasing an additional 267 shares during the quarter. Novare Capital Management LLC’s holdings in Chevron were worth $10,670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Norges Bank acquired a new stake in Chevron in the fourth quarter worth about $3,017,750,000. GAMMA Investing LLC boosted its holdings in Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after buying an additional 5,382,847 shares during the last quarter. Amundi boosted its holdings in Chevron by 27.7% during the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after buying an additional 1,910,262 shares during the last quarter. Capital World Investors boosted its holdings in Chevron by 11.4% during 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 buying an additional 1,440,808 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Chevron by 7.3% during 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 buying an additional 1,394,091 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of CVX opened at $148.23 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm’s 50 day moving average price is $141.16 and its two-hundred day moving average price is $148.07. The firm has a market cap of $258.86 billion, a P/E ratio of 16.94, a PEG ratio of 2.51 and a beta of 0.83.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.93 earnings per share. On average, analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVX. Mizuho reduced 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. Piper Sandler raised their target price on Chevron from $162.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. HSBC cut Chevron from a “buy” rating to a “hold” rating and reduced their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $165.00 target price (up previously from $164.00) on shares of Chevron in a report on Thursday, June 26th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Chevron presently has an average rating of “Hold” and a consensus target price of $160.41.

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.