Hardin Capital Partners LLC Takes $826,000 Position in Chevron Co. (NYSE:CVX)

Hardin Capital Partners LLC bought a new position in shares of Chevron Co. (NYSE:CVX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,281 shares of the oil and gas company's stock, valued at approximately $826,000. Chevron makes up about 0.5% of Hardin Capital Partners LLC's investment portfolio, making the stock its 28th largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Berkshire Hathaway Inc raised its holdings in shares of 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 valued at $18,808,081,000 after buying an additional 15,845,037 shares during the last quarter. Norges Bank purchased a new stake in Chevron during the 4th quarter valued at approximately $2,902,007,000. Bank of New York Mellon Corp lifted its position in Chevron by 4.2% during the 1st 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 acquiring an additional 654,482 shares during the period. Capital World Investors grew its stake in shares of Chevron by 3.2% in the 1st quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company's stock valued at $2,525,380,000 after purchasing an additional 495,879 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Chevron by 13.0% in the fourth quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company's stock valued at $2,330,235,000 after purchasing an additional 1,797,171 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CVX shares. Scotiabank decreased their price target on Chevron from $195.00 to $180.00 and set a "sector outperform" rating for the company in a report on Friday, July 12th. Royal Bank of Canada lowered their target price on shares of Chevron from $190.00 to $180.00 and set an "outperform" rating on the stock in a report on Monday, August 5th. Wolfe Research began coverage on shares of Chevron in a report on Thursday, July 18th. They set a "peer perform" rating for the company. Barclays dropped their target price on Chevron from $203.00 to $185.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 6th. Finally, Truist Financial reduced their price target on Chevron from $156.00 to $154.00 and set a "hold" rating for the company in a report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $183.82.

Chevron Price Performance

Shares of CVX traded up $1.40 during mid-day trading on Friday, reaching $140.61. 5,893,788 shares of the company's stock were exchanged, compared to its average volume of 7,775,292. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $171.70. 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 company has a 50-day simple moving average of $149.40 and a two-hundred day simple moving average of $154.81. The company has a market cap of $257.16 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 2.37 and a beta of 1.09.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data 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 net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analysts' expectations of $48.68 billion. During the same quarter in the prior year, the company earned $3.08 earnings per share. The firm's revenue was up 4.7% compared to the same quarter last year. On average, sell-side analysts predict that Chevron Co. will post 11.63 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.64%. Chevron's dividend payout ratio (DPR) is presently 59.98%.

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.