Acropolis Investment Management LLC Raises Stake in Chevron Co. (NYSE:CVX)

Posted by on Jun 22nd, 2023

Acropolis Investment Management LLC boosted its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,316 shares of the oil and gas company’s stock after acquiring an additional 396 shares during the period. Acropolis Investment Management LLC’s holdings in Chevron were worth $3,315,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CVX. AJ Wealth Strategies LLC increased its position in Chevron by 1.8% during the fourth quarter. AJ Wealth Strategies LLC now owns 3,092 shares of the oil and gas company’s stock valued at $555,000 after acquiring an additional 56 shares during the last quarter. Howard Capital Management Group LLC increased its position in Chevron by 3.3% during the fourth quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock valued at $322,000 after acquiring an additional 57 shares during the last quarter. Aries Wealth Management increased its position in Chevron by 0.5% during the fourth quarter. Aries Wealth Management now owns 10,973 shares of the oil and gas company’s stock valued at $1,970,000 after acquiring an additional 59 shares during the last quarter. Mendel Capital Management LLC increased its position in Chevron by 1.3% during the fourth quarter. Mendel Capital Management LLC now owns 4,663 shares of the oil and gas company’s stock valued at $837,000 after acquiring an additional 59 shares during the last quarter. Finally, MV Capital Management Inc. increased its position in Chevron by 3.1% during the fourth quarter. MV Capital Management Inc. now owns 1,962 shares of the oil and gas company’s stock valued at $352,000 after acquiring an additional 59 shares during the last quarter. 69.65% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $154.88 on Thursday. The firm has a market capitalization of $293.44 billion, a P/E ratio of 8.36, a PEG ratio of 0.80 and a beta of 1.17. The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average price of $159.75 and a 200 day moving average price of $165.94. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Investors 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 annualized dividend and a yield of 3.90%. Chevron’s dividend payout ratio (DPR) is presently 32.61%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Truist Financial cut their price objective on shares of Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their price target for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. UBS Group assumed coverage on shares of Chevron in a report on Wednesday, April 19th. They issued a “buy” rating and a $212.00 price target on the stock. Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $165.00 to $180.00 in a report on Thursday, June 1st. Finally, StockNews.com assumed coverage on shares of Chevron in a report on Thursday, May 18th. They issued a “hold” rating on the stock. 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, the stock has an average rating of “Moderate Buy” and an average target price of $191.68.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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