Gleason Group Inc. Raises Holdings in Chevron Co. (NYSE:CVX)

Posted by on Jun 27th, 2023

Gleason Group Inc. increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,971 shares of the oil and gas company’s stock after purchasing an additional 109 shares during the quarter. Chevron makes up approximately 0.6% of Gleason Group Inc.’s investment portfolio, making the stock its 20th largest position. Gleason Group Inc.’s holdings in Chevron were worth $1,953,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisor L.P grew its holdings in Chevron by 85.1% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC grew its holdings in Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after buying an additional 1,476 shares in the last quarter. GQG Partners LLC grew its holdings in Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after buying an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC grew its holdings in Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after buying an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after buying an additional 250,840 shares in the last quarter. 69.65% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Up 1.8 %

Chevron stock opened at $154.01 on Tuesday. Chevron Co. has a twelve month low of $132.54 and a twelve month high of $189.68. The stock has a 50 day moving average of $158.60 and a two-hundred day moving average of $165.45. The company has a current ratio of 1.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $291.79 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 0.77 and a beta of 1.17.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data 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 analysts’ expectations of $49.49 billion. During the same period last year, the firm earned $3.36 EPS. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 13.83 earnings per share for the current year.

Chevron Announces Dividend

The business 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 of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a yield of 3.92%. Chevron’s payout ratio is 32.61%.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. JPMorgan Chase & Co. upgraded Chevron from an “underweight” rating to a “neutral” rating and upped their target price for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. Wells Fargo & Company decreased their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a research note on Tuesday, April 4th. StockNews.com began coverage on Chevron in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Mizuho decreased their price target on Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.68.

Chevron Profile

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Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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