Chevron Co. (NYSE:CVX) Shares Sold by Alerus Financial NA

Posted by on Jun 13th, 2023

Alerus Financial NA cut its position in Chevron Co. (NYSE:CVX – Get Rating) by 16.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,871 shares of the oil and gas company’s stock after selling 4,058 shares during the quarter. Alerus Financial NA’s holdings in Chevron were worth $3,746,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Western Pacific Wealth Management LP acquired a new stake in shares of Chevron in the 4th quarter valued at about $37,000. Red Tortoise LLC acquired a new stake in shares of Chevron in the 4th quarter valued at about $37,000. Worth Asset Management LLC acquired a new stake in shares of Chevron in the 1st quarter valued at about $36,000. JDM Financial Group LLC acquired a new stake in Chevron during the 4th quarter worth approximately $42,000. Finally, Luken Investment Analytics LLC acquired a new stake in Chevron during the 4th quarter worth approximately $45,000. 69.37% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.9 %

Shares of NYSE CVX opened at $157.39 on Tuesday. Chevron Co. has a 1 year low of $132.54 and a 1 year high of $189.68. The firm has a market cap of $298.20 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 0.78 and a beta of 1.17. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.16 and a current ratio of 1.43. The stock’s 50-day simple moving average is $161.44 and its 200-day simple moving average is $167.06.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The firm had revenue of $50.79 billion during the quarter, compared to analyst estimates of $49.49 billion. During the same period in the previous year, the company earned $3.36 earnings per share. Chevron’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, equities analysts anticipate that Chevron Co. will post 14.23 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a yield of 3.84%. Chevron’s payout ratio is currently 32.61%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CVX shares. Wells Fargo & Company decreased their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Royal Bank of Canada raised Chevron from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $165.00 to $180.00 in a research report on Thursday, June 1st. HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective for the company in a research report on Tuesday, May 23rd. Truist Financial decreased their price objective on Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Finally, Cowen decreased their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.11.

About Chevron

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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