Enterprise Bank & Trust Co Purchases 1,230 Shares of Chevron Co. (NYSE:CVX)

Posted by on Jun 23rd, 2023

Enterprise Bank & Trust Co grew its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 6.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 21,177 shares of the oil and gas company’s stock after acquiring an additional 1,230 shares during the quarter. Chevron comprises approximately 1.5% of Enterprise Bank & Trust Co’s holdings, making the stock its 16th largest holding. Enterprise Bank & Trust Co’s holdings in Chevron were worth $3,455,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. Cantor Fitzgerald Investment Advisor L.P lifted its position in Chevron by 85.1% in the first 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 buying an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC lifted its position in Chevron by 25.2% in the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 1,476 shares during the last quarter. GQG Partners LLC lifted its position in Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after buying an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC lifted its position in Chevron by 43.5% in the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after buying an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Chevron by 13.8% in the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after buying an additional 250,840 shares during the last quarter. 69.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CVX. Mizuho decreased their target price on Chevron from $206.00 to $196.00 in a research report on Friday, May 19th. Cowen decreased their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Raymond James decreased their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a research report on Friday, April 14th. Piper Sandler decreased their target price on Chevron from $196.00 to $188.00 in a research report on Tuesday, June 13th. Finally, Truist Financial decreased their target price on Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $191.68.

Chevron Price Performance

CVX opened at $152.64 on Friday. The business’s 50-day moving average is $159.36 and its two-hundred day moving average is $165.85. Chevron Co. has a 1 year low of $132.54 and a 1 year high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.16. The firm has a market capitalization of $289.20 billion, a PE ratio of 8.24, a price-to-earnings-growth ratio of 0.80 and a beta of 1.17.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, beating 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 company had revenue of $50.79 billion for the quarter, compared to analyst estimates of $49.49 billion. During the same quarter in the previous year, the firm earned $3.36 earnings per share. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. Research analysts anticipate 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 paid a dividend of $1.51 per share. The ex-dividend date was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.96%. Chevron’s payout ratio is 32.61%.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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