Azimuth Capital Investment Management LLC Sells 2,280 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 14th, 2023

Azimuth Capital Investment Management LLC reduced its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 2.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 113,571 shares of the oil and gas company’s stock after selling 2,280 shares during the quarter. Chevron makes up about 1.0% of Azimuth Capital Investment Management LLC’s holdings, making the stock its 20th largest position. Azimuth Capital Investment Management LLC’s holdings in Chevron were worth $20,385,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Western Pacific Wealth Management LP bought a new stake in shares of Chevron in the fourth quarter valued at $37,000. Red Tortoise LLC purchased a new position in shares of Chevron in the 4th quarter worth about $37,000. Worth Asset Management LLC purchased a new position in shares of Chevron in the 1st quarter worth about $36,000. JDM Financial Group LLC purchased a new position in shares of Chevron in the 4th quarter worth about $42,000. Finally, Luken Investment Analytics LLC purchased a new position in shares of Chevron in the 4th quarter worth about $45,000. 69.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CVX. Raymond James cut their price objective on Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a report on Friday, April 14th. Morgan Stanley upped their price objective on Chevron from $192.00 to $198.00 in a report on Tuesday, May 23rd. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective for the company in a report on Tuesday, May 23rd. JPMorgan Chase & Co. upgraded Chevron from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $161.00 to $170.00 in a report on Wednesday, May 31st. Finally, StockNews.com assumed coverage on Chevron in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $191.68.

Chevron Trading Up 0.7 %

NYSE CVX opened at $158.50 on Wednesday. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. 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 has a 50 day simple moving average of $161.23 and a two-hundred day simple moving average of $166.89. The stock has a market cap of $300.30 billion, a P/E ratio of 8.56, a price-to-earnings-growth ratio of 0.78 and a beta of 1.17.

Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.14. The company had revenue of $50.79 billion during the quarter, compared to analysts’ expectations of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.36 EPS. On average, analysts forecast that Chevron Co. will post 14.23 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Thursday, May 18th. Chevron’s payout ratio is presently 32.61%.

Chevron Profile

(Get Rating)

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.