BluePath Capital Management LLC Increases Stake in Chevron Co. (NYSE:CVX)

BluePath Capital Management LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 20.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 7,770 shares of the oil and gas company’s stock after acquiring an additional 1,322 shares during the period. Chevron makes up about 0.9% of BluePath Capital Management LLC’s holdings, making the stock its 17th largest holding. BluePath Capital Management LLC’s holdings in Chevron were worth $1,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in CVX. Pacifica Partners Inc. lifted its stake in shares of Chevron by 1.8% in the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock valued at $546,000 after purchasing an additional 63 shares during the last quarter. Ellenbecker Investment Group lifted its stake in shares of Chevron by 1.5% in the 1st quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock valued at $686,000 after purchasing an additional 65 shares during the last quarter. Mayfair Advisory Group LLC lifted its stake in shares of Chevron by 0.7% in the 1st quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock valued at $1,484,000 after purchasing an additional 65 shares during the last quarter. Penbrook Management LLC lifted its stake in shares of Chevron by 3.9% in the 1st quarter. Penbrook Management LLC now owns 1,730 shares of the oil and gas company’s stock valued at $273,000 after purchasing an additional 65 shares during the last quarter. Finally, Verum Partners LLC lifted its stake in shares of Chevron by 3.0% in the 1st quarter. Verum Partners LLC now owns 2,236 shares of the oil and gas company’s stock valued at $353,000 after purchasing an additional 65 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

NYSE:CVX opened at $156.75 on Thursday. The stock’s 50 day moving average price is $158.99 and its 200 day moving average price is $154.88. The company has a market capitalization of $288.89 billion, a PE ratio of 14.42, a P/E/G ratio of 2.38 and a beta of 1.10. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. The firm had revenue of $48.72 billion for the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.55 EPS. On average, research analysts anticipate that Chevron Co. will post 13.15 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.16%. Chevron’s dividend payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CVX shares. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. TD Cowen increased their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Monday, April 29th. Wells Fargo & Company increased their target price on Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Finally, Piper Sandler increased their target price on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $186.95.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now directly owns 477 shares in the company, valued at approximately $76,429.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the sale, the director now directly owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of the sale, the vice president now directly owns 477 shares of the company’s stock, valued at $76,429.71. The disclosure for this sale can be found here. Insiders have sold 16,746 shares of company stock worth $2,727,971 in the last quarter. 0.20% of the stock is owned by insiders.

Chevron Company 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.