Coastal Bridge Advisors LLC Raises Position in Chevron Co. (NYSE:CVX)

Coastal Bridge Advisors LLC increased its holdings in Chevron Co. (NYSE:CVX) by 45.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,916 shares of the oil and gas company’s stock after buying an additional 2,157 shares during the period. Coastal Bridge Advisors LLC’s holdings in Chevron were worth $724,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of Chevron in the second quarter worth $30,000. Horan Securities Inc. raised its position in Chevron by 196.0% during the second quarter. Horan Securities Inc. now owns 296 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 196 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in Chevron during the first quarter valued at about $31,000. Newton One Investments LLC purchased a new stake in Chevron during the second quarter valued at about $34,000. Finally, Total Clarity Wealth Management Inc. purchased a new stake in Chevron during the first quarter valued at about $34,000. Institutional investors own 65.78% of the company’s stock.

A number of equities research analysts have weighed in on the company. BMO Capital Markets assumed coverage on Chevron in a research report on Monday, July 12th. They set an “outperform” rating and a $123.00 price target on the stock. Piper Sandler raised their price objective on Chevron from $126.00 to $137.00 and gave the company an “overweight” rating in a research note on Friday, July 23rd. They noted that the move was a valuation call. Truist raised their price objective on Chevron from $130.00 to $144.00 and gave the company a “buy” rating in a research note on Thursday, July 1st. They noted that the move was a valuation call. Zacks Investment Research raised Chevron from a “hold” rating to a “strong-buy” rating and set a $118.00 price objective on the stock in a research note on Wednesday, August 4th. Finally, HSBC cut Chevron from a “buy” rating to a “hold” rating and reduced their price objective for the company from $127.00 to $112.00 in a research note on Thursday, July 22nd. Eleven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $118.29.

Shares of CVX stock traded up $1.74 during trading hours on Wednesday, hitting $97.94. 561,075 shares of the company’s stock traded hands, compared to its average volume of 10,414,321. The stock’s fifty day simple moving average is $99.47 and its two-hundred day simple moving average is $103.55. Chevron Co. has a 12-month low of $65.16 and a 12-month high of $113.11. The stock has a market cap of $189.41 billion, a price-to-earnings ratio of 52.37, a PEG ratio of 2.85 and a beta of 1.32. The company has a quick ratio of 0.95, a current ratio of 1.17 and a debt-to-equity ratio of 0.30.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.12. Chevron had a net margin of 3.01% and a return on equity of 3.89%. The company had revenue of $37.60 billion during the quarter, compared to analyst estimates of $35.98 billion. During the same period in the previous year, the business earned ($1.59) EPS. The firm’s revenue for the quarter was up 169.5% on a year-over-year basis. On average, equities analysts forecast that Chevron Co. will post 6.74 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Thursday, August 19th were issued a $1.34 dividend. The ex-dividend date was Wednesday, August 18th. This represents a $5.36 dividend on an annualized basis and a yield of 5.47%. Chevron’s payout ratio is currently -2,680.00%.

Chevron Company Profile

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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