Chevron Co. (NYSE:CVX) Shares Acquired by Patten Group Inc.

Posted by on Jun 20th, 2023

Patten Group Inc. increased its position in Chevron Co. (NYSE:CVX – Get Rating) by 1.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,901 shares of the oil and gas company’s stock after buying an additional 286 shares during the quarter. Chevron comprises approximately 1.0% of Patten Group Inc.’s holdings, making the stock its 19th largest position. Patten Group Inc.’s holdings in Chevron were worth $3,410,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Rebalance LLC purchased a new stake in shares of Chevron during the fourth quarter valued at $26,000. Worth Asset Management LLC purchased a new stake in shares of Chevron during the first quarter valued at $36,000. Red Tortoise LLC purchased a new stake in shares of Chevron during the fourth quarter valued at $37,000. Western Pacific Wealth Management LP purchased a new stake in shares of Chevron during the fourth quarter valued at $37,000. Finally, JDM Financial Group LLC purchased a new stake in shares of Chevron during the fourth quarter valued at $42,000. Institutional investors and hedge funds own 69.65% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX opened at $157.26 on Tuesday. 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 firm has a market cap of $297.95 billion, a price-to-earnings ratio of 8.49, a P/E/G ratio of 0.80 and a beta of 1.17. The business’s 50-day simple moving average is $160.36 and its 200-day simple moving average is $166.22. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings data 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 business had revenue of $50.79 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.36 EPS. As a group, equities research analysts expect that Chevron Co. will post 13.82 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. raised Chevron from an “underweight” rating to a “neutral” rating and upped their target price for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a research report on Tuesday, April 4th. HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $189.00 price target on the stock in a research report on Tuesday, May 23rd. StockNews.com initiated coverage on Chevron in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Mizuho dropped their price target on Chevron from $206.00 to $196.00 in a research report on Friday, May 19th. 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, Chevron currently has an average rating of “Moderate Buy” and an average price target of $191.68.

Chevron Company Profile

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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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