Chapin Davis Inc. Purchases 1,212 Shares of Chevron Co. (NYSE:CVX)

Chapin Davis Inc. lifted its position in shares of Chevron Co. (NYSE:CVX) by 4.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,261 shares of the oil and gas company’s stock after acquiring an additional 1,212 shares during the period. Chevron makes up approximately 1.6% of Chapin Davis Inc.’s portfolio, making the stock its 13th largest position. Chapin Davis Inc.’s holdings in Chevron were worth $4,733,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Berkshire Hathaway Inc boosted its holdings in Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after purchasing an additional 15,845,037 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock worth $3,886,821,000 after purchasing an additional 1,999,332 shares during the last quarter. Norges Bank purchased a new stake in Chevron in the fourth quarter worth approximately $2,902,007,000. Bank of New York Mellon Corp boosted its holdings in Chevron by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock worth $2,540,135,000 after purchasing an additional 654,482 shares during the last quarter. Finally, Capital World Investors boosted its holdings in Chevron by 3.2% in the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after purchasing an additional 495,879 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the sale, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by company insiders.

Chevron Stock Performance

NYSE CVX opened at $146.41 on Monday. The firm has a market cap of $269.83 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 2.42 and a beta of 1.10. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $153.82 and a 200-day moving average price of $156.02. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.08 earnings per share. As a group, equities research analysts predict that Chevron Co. will post 11.96 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a $1.63 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.45%. Chevron’s dividend payout ratio is currently 59.98%.

Analysts Set New Price Targets

CVX has been the topic of several research reports. Scotiabank dropped their target price on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Truist Financial dropped their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. TD Cowen lifted their price target on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Monday, April 29th. Finally, Wells Fargo & Company lifted their price target on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $183.82.

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.