Trueblood Wealth Management LLC Acquires New Stake in Chevron Co. (NYSE:CVX)

Trueblood Wealth Management LLC acquired a new stake in Chevron Co. (NYSE:CVX) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 17,277 shares of the oil and gas company’s stock, valued at approximately $2,577,000. Chevron makes up about 1.6% of Trueblood Wealth Management LLC’s portfolio, making the stock its 6th biggest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Windsor Advisory Group LLC boosted its holdings in shares of Chevron by 24.0% during the 3rd quarter. Windsor Advisory Group LLC now owns 3,720 shares of the oil and gas company’s stock worth $627,000 after buying an additional 720 shares during the period. Dechtman Wealth Management LLC bought a new stake in shares of Chevron during the 2nd quarter worth about $648,000. Renaissance Investment Group LLC boosted its holdings in shares of Chevron by 12.7% during the 4th quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock worth $923,000 after buying an additional 697 shares during the period. Altrius Capital Management Inc boosted its holdings in shares of Chevron by 2.1% during the 3rd quarter. Altrius Capital Management Inc now owns 21,333 shares of the oil and gas company’s stock worth $3,597,000 after buying an additional 434 shares during the period. Finally, Tsfg LLC boosted its holdings in shares of Chevron by 5.3% during the 3rd quarter. Tsfg LLC now owns 3,473 shares of the oil and gas company’s stock worth $586,000 after buying an additional 176 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Chevron stock traded up $1.39 during mid-day trading on Thursday, hitting $157.74. 8,239,535 shares of the company traded hands, compared to its average volume of 8,777,168. Chevron Co. has a one year low of $139.62 and a one year high of $172.88. The stock has a market cap of $292.97 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. The stock has a fifty day moving average price of $151.60 and a 200-day moving average price of $152.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company had revenue of $47.18 billion during the quarter, compared to analysts’ expectations of $50.93 billion. During the same quarter in the prior year, the company earned $4.09 EPS. The firm’s revenue was down 16.5% on a year-over-year basis. On average, equities analysts predict that Chevron Co. will post 13.04 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were issued a dividend of $1.63 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio is currently 57.39%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CVX shares. UBS Group cut their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Thursday, December 14th. TD Cowen downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $170.00 to $150.00 in a report on Tuesday, January 23rd. Royal Bank of Canada boosted their price objective on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Jefferies Financial Group raised shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target for the company in a report on Monday, January 8th. Finally, Mizuho upped their price target on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average target price of $180.39.

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.