Gulf International Bank UK Ltd Sells 73,190 Shares of Chevron Co. (NYSE:CVX)

Posted by on Jun 24th, 2023

Gulf International Bank UK Ltd cut its stake in Chevron Co. (NYSE:CVX – Get Rating) by 22.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 248,525 shares of the oil and gas company’s stock after selling 73,190 shares during the quarter. Chevron accounts for 0.8% of Gulf International Bank UK Ltd’s holdings, making the stock its 17th biggest position. Gulf International Bank UK Ltd’s holdings in Chevron were worth $40,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Moneta Group Investment Advisors LLC raised its position 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 worth $4,395,858,000 after purchasing an additional 24,467,521 shares during the period. Norges Bank acquired a new stake in Chevron during the 4th quarter worth approximately $3,058,235,000. Price T Rowe Associates Inc. MD lifted its stake in Chevron by 79.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,896,009 shares of the oil and gas company’s stock valued at $2,494,194,000 after buying an additional 6,133,227 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Chevron by 12.7% in the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after buying an additional 3,711,923 shares during the period. Finally, Edmp Inc. increased its position in shares of Chevron by 17,439.1% during the fourth quarter. Edmp Inc. now owns 2,949,893 shares of the oil and gas company’s stock worth $16,435,000 after acquiring an additional 2,933,074 shares in the last quarter. 69.65% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Chevron stock opened at $151.39 on Friday. The company has a market capitalization of $286.83 billion, a price-to-earnings ratio of 8.17, a PEG ratio of 0.80 and a beta of 1.17. The company has a current ratio of 1.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The stock’s 50 day moving average is $158.94 and its 200-day moving average is $165.68.

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 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 company had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. During the same quarter last year, the firm earned $3.36 earnings per share. The company’s revenue was down 6.6% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 13.82 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were issued a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 annualized dividend and a dividend yield of 3.99%. Chevron’s dividend payout ratio is presently 32.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Cowen reduced their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Piper Sandler reduced their price target on Chevron from $196.00 to $188.00 in a research report on Tuesday, June 13th. BNP Paribas upgraded shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a report on Tuesday, April 4th. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and raised their target price for the company from $161.00 to $170.00 in a research report on Wednesday, May 31st. Finally, Truist Financial cut their price target on shares of Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.

See Also

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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