Phocas Financial Corp. Sells 760 Shares of Chevron Co. (NYSE:CVX)

Posted by on Jun 26th, 2023

Phocas Financial Corp. lowered its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 28.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,883 shares of the oil and gas company’s stock after selling 760 shares during the period. Phocas Financial Corp.’s holdings in Chevron were worth $307,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CVX. Secure Asset Management LLC lifted its stake in shares of Chevron by 4.6% in the first quarter. Secure Asset Management LLC now owns 12,942 shares of the oil and gas company’s stock worth $2,112,000 after buying an additional 567 shares in the last quarter. KMG Fiduciary Partners LLC raised its holdings in shares of Chevron by 10.4% during the first quarter. KMG Fiduciary Partners LLC now owns 66,201 shares of the oil and gas company’s stock valued at $10,801,000 after purchasing an additional 6,226 shares during the last quarter. Accurate Wealth Management LLC raised its holdings in shares of Chevron by 39.7% during the first quarter. Accurate Wealth Management LLC now owns 15,682 shares of the oil and gas company’s stock valued at $2,639,000 after purchasing an additional 4,454 shares during the last quarter. HB Wealth Management LLC raised its holdings in shares of Chevron by 2.3% during the first quarter. HB Wealth Management LLC now owns 110,153 shares of the oil and gas company’s stock valued at $17,973,000 after purchasing an additional 2,458 shares during the last quarter. Finally, Spinnaker Trust raised its holdings in shares of Chevron by 25.9% during the first quarter. Spinnaker Trust now owns 35,979 shares of the oil and gas company’s stock valued at $5,870,000 after purchasing an additional 7,409 shares during the last quarter. Institutional investors own 69.65% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $151.35 on Monday. 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 firm has a fifty day moving average price of $158.94 and a 200 day moving average price of $165.58. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The firm has a market cap of $286.75 billion, a price-to-earnings ratio of 8.17, a P/E/G ratio of 0.77 and a beta of 1.17.

Chevron (NYSE:CVX – Get Rating) last issued 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 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 quarter in the prior year, the business earned $3.36 earnings per share. Chevron’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Co. will post 13.83 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, May 18th. This represents a $6.04 annualized dividend and a yield of 3.99%. Chevron’s dividend payout ratio (DPR) is currently 32.61%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CVX shares. Raymond James decreased their price objective 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. Morgan Stanley boosted their price objective on shares of Chevron from $192.00 to $198.00 in a report on Tuesday, May 23rd. UBS Group began coverage on shares of Chevron in a report on Wednesday, April 19th. They set a “buy” rating and a $212.00 price objective for the company. Mizuho reduced their target price on shares of Chevron from $206.00 to $196.00 in a report on Friday, May 19th. Finally, Truist Financial reduced their target price on shares of Chevron from $193.00 to $190.00 in a report on Monday, May 1st. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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