Cypress Wealth Services LLC Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by on Jun 21st, 2023

Cypress Wealth Services LLC reduced its position in Chevron Co. (NYSE:CVX – Get Rating) by 1.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 8,703 shares of the oil and gas company’s stock after selling 109 shares during the period. Cypress Wealth Services LLC’s holdings in Chevron were worth $1,420,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Rebalance LLC purchased a new stake in shares of Chevron during the 4th quarter valued at $26,000. Worth Asset Management LLC purchased a new stake in shares of Chevron during the 1st quarter valued at $36,000. Red Tortoise LLC purchased a new stake in shares of Chevron during the 4th quarter valued at $37,000. Western Pacific Wealth Management LP purchased a new stake in shares of Chevron during the 4th quarter valued at $37,000. Finally, JDM Financial Group LLC purchased a new stake in shares of Chevron during the 4th quarter valued at $42,000. 69.65% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $153.71 on Wednesday. The firm has a market cap of $291.23 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 0.80 and a beta of 1.17. The firm’s 50-day simple moving average is $160.05 and its 200-day simple moving average is $166.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.16 and a current ratio of 1.43. Chevron Co. has a 1 year low of $132.54 and a 1 year high of $189.68.

Chevron (NYSE:CVX – Get Rating) last issued its earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (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 net margin of 14.74% and a return on equity of 23.15%. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.36 EPS. Equities analysts forecast that Chevron Co. will post 13.82 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business 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. The ex-dividend date was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.93%. Chevron’s dividend payout ratio (DPR) is presently 32.61%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Mizuho lowered their price objective on shares of Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. StockNews.com began coverage on shares of Chevron in a report on Thursday, May 18th. They set a “hold” rating on the stock. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $189.00 target price on the stock in a report on Tuesday, May 23rd. Raymond James reduced their target price on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a report on Friday, April 14th. Finally, Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $195.00 to $200.00 in a report on Thursday, April 13th. Nine 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, Chevron currently has an average rating of “Moderate Buy” and an average target price 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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