Armstrong Advisory Group Inc. Sells 729 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 21st, 2023

Armstrong Advisory Group Inc. trimmed its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 12.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,188 shares of the oil and gas company’s stock after selling 729 shares during the quarter. Armstrong Advisory Group Inc.’s holdings in Chevron were worth $846,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Morgan Stanley lifted its position in shares of Chevron by 12.7% during the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after purchasing an additional 3,711,923 shares during the last quarter. Moneta Group Investment Advisors LLC increased its stake in shares of Chevron by 104,997.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after buying an additional 24,467,521 shares during the period. Norges Bank purchased a new position in shares of Chevron during the fourth quarter valued at $3,058,235,000. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after buying an additional 189,762 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Chevron by 2.6% during the fourth quarter. Franklin Resources Inc. now owns 14,164,343 shares of the oil and gas company’s stock valued at $2,542,358,000 after buying an additional 354,084 shares during the period. 69.65% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of NYSE CVX opened at $153.71 on Wednesday. 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 company has a market cap of $291.23 billion, a PE ratio of 8.30, a P/E/G ratio of 0.80 and a beta of 1.17. The business has a 50-day simple moving average of $160.05 and a two-hundred day simple moving average of $166.02. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68.

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, topping analysts’ consensus estimates of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The firm had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. During the same quarter in the previous year, the company posted $3.36 earnings per share. The company’s revenue was down 6.6% compared to the same quarter last year. As a group, equities analysts expect 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. Investors 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 3.93%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is 32.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Raymond James cut their price target on Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research note on Friday, April 14th. Cowen cut their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price target for the company from $195.00 to $200.00 in a research note on Thursday, April 13th. Morgan Stanley raised their price target on Chevron from $192.00 to $198.00 in a research note on Tuesday, May 23rd. Finally, Truist Financial cut their target price on Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.