Procyon Advisors LLC Purchases 695 Shares of Chevron Co. (NYSE:CVX)

Posted by on Jun 21st, 2023

Procyon Advisors LLC grew its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 2.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,138 shares of the oil and gas company’s stock after purchasing an additional 695 shares during the quarter. Chevron comprises about 0.9% of Procyon Advisors LLC’s portfolio, making the stock its 22nd biggest holding. Procyon Advisors LLC’s holdings in Chevron were worth $5,570,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CVX. Cantor Fitzgerald Investment Advisor L.P increased its position in shares of Chevron by 85.1% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after purchasing an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC increased its holdings in shares of Chevron by 25.2% during the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares during the last quarter. GQG Partners LLC increased its holdings in shares of Chevron by 4.7% during the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after acquiring an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC increased its holdings in shares of Chevron by 43.5% during the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Chevron by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after acquiring an additional 250,840 shares during the last quarter. Institutional investors and hedge funds own 69.65% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $153.71 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $132.54 and a twelve month high of $189.68. The company has a market cap of $291.23 billion, a P/E ratio of 8.30, a P/E/G ratio of 0.80 and a beta of 1.17. The business has a fifty day simple moving average of $160.05 and a 200 day simple moving average of $166.02.

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, topping 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 business had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. During the same period in the prior year, the company earned $3.36 EPS. Chevron’s revenue for the quarter was down 6.6% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Co. will post 13.82 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were issued a $1.51 dividend. The ex-dividend date was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a yield of 3.93%. Chevron’s payout ratio is presently 32.61%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. Raymond James decreased their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a report on Friday, April 14th. Cowen decreased their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price on the stock in a report on Tuesday, April 4th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. Finally, Mizuho reduced their price target on Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.68.

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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