Central Bank & Trust Co. Acquires 846 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 25th, 2023

Central Bank & Trust Co. raised its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 14.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,618 shares of the oil and gas company’s stock after purchasing an additional 846 shares during the quarter. Central Bank & Trust Co.’s holdings in Chevron were worth $1,080,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Moneta Group Investment Advisors LLC lifted its holdings in shares of Chevron by 104,997.3% in the 4th 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 acquiring an additional 24,467,521 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron in the 4th quarter worth about $3,058,235,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Chevron by 79.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,896,009 shares of the oil and gas company’s stock worth $2,494,194,000 after acquiring an additional 6,133,227 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after acquiring an additional 3,711,923 shares during the last quarter. Finally, Edmp Inc. lifted its holdings in shares of Chevron by 17,439.1% in the 4th 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 during the last quarter. Institutional investors own 69.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CVX. Raymond James lowered their target price on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a report on Friday, April 14th. Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $165.00 to $180.00 in a report on Thursday, June 1st. Wells Fargo & Company reduced their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $161.00 to $170.00 in a research note on Wednesday, May 31st. Finally, Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $195.00 to $200.00 in a research note on Thursday, April 13th. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $191.68.

Chevron Stock Down 0.8 %

NYSE:CVX opened at $151.35 on Friday. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The stock has a market capitalization of $286.75 billion, a P/E ratio of 8.17, a P/E/G ratio of 0.77 and a beta of 1.17. 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’s 50-day simple moving average is $158.94 and its 200-day simple moving average is $165.63.

Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.14. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The business had revenue of $50.79 billion for the quarter, compared to analysts’ expectations of $49.49 billion. During the same period last year, the business earned $3.36 EPS. The company’s revenue was down 6.6% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Co. will post 13.83 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

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.