HBW Advisory Services LLC Reduces Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 20th, 2023

HBW Advisory Services LLC lessened its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 11.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,975 shares of the oil and gas company’s stock after selling 366 shares during the period. HBW Advisory Services LLC’s holdings in Chevron were worth $486,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on CVX shares. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $161.00 to $170.00 in a research note on Wednesday, May 31st. Truist Financial decreased their price target on shares of Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. Raymond James decreased their price target on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a research note on Friday, April 14th. Piper Sandler decreased their price target on shares of Chevron from $196.00 to $188.00 in a research note on Tuesday, June 13th. Finally, Mizuho decreased their price target on shares of Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. Nine 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $191.68.

Chevron Stock Performance

Shares of CVX stock opened at $157.26 on Tuesday. The business’s fifty day simple moving average is $160.36 and its 200-day simple moving average is $166.22. The company has a market cap of $297.95 billion, a PE ratio of 8.49, a PEG ratio of 0.80 and a beta of 1.17. The company has a current ratio of 1.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.14. The business had revenue of $50.79 billion for the quarter, compared to the consensus estimate of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.36 earnings per share. Analysts expect that Chevron Co. will post 13.82 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were given 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 of this dividend was Thursday, May 18th. Chevron’s payout ratio is presently 32.61%.

Chevron 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.