Kings Path Partners LLC Takes $1.44 Million Position in Chevron Co. (NYSE:CVX)

Kings Path Partners LLC purchased a new position in shares of Chevron Co. (NYSE:CVX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 9,183 shares of the oil and gas company’s stock, valued at approximately $1,436,000.

Several other hedge funds have also recently modified their holdings of CVX. Norges Bank bought a new stake in shares of Chevron in the fourth quarter valued at approximately $2,902,007,000. Berkshire Hathaway Inc lifted its position in Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after buying an additional 15,845,037 shares during the last quarter. Capital World Investors raised its stake in shares of Chevron by 43.5% during the fourth quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock worth $2,314,070,000 after acquiring an additional 4,700,289 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Chevron by 73,888.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock worth $686,554,000 after purchasing an additional 4,596,584 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of 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 buying an additional 1,999,332 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.3 %

Shares of CVX stock opened at $147.87 on Friday. The stock has a market capitalization of $272.52 billion, a P/E ratio of 13.60, a P/E/G ratio of 2.46 and a beta of 1.10. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $152.42 and its 200 day moving average is $155.64. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued 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 yield of 4.41%. Chevron’s dividend payout ratio is currently 59.98%.

Analyst Ratings Changes

Several equities research analysts have weighed in on CVX shares. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Scotiabank reduced their price target on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Barclays cut their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Truist Financial dropped their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. Finally, Mizuho boosted their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average 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.