Oak Asset Management LLC Has $12.09 Million Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 28th, 2023

Oak Asset Management LLC increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 74,078 shares of the oil and gas company’s stock after buying an additional 292 shares during the quarter. Chevron accounts for about 5.2% of Oak Asset Management LLC’s portfolio, making the stock its 3rd biggest holding. Oak Asset Management LLC’s holdings in Chevron were worth $12,087,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. JGP Wealth Management LLC grew its holdings in shares of Chevron by 49.8% during the first quarter. JGP Wealth Management LLC now owns 8,649 shares of the oil and gas company’s stock worth $1,411,000 after buying an additional 2,874 shares in the last quarter. Nvest Financial LLC grew its stake in Chevron by 3.0% in the first quarter. Nvest Financial LLC now owns 15,803 shares of the oil and gas company’s stock valued at $2,578,000 after purchasing an additional 454 shares in the last quarter. Ledge Wealth Management Inc. grew its stake in Chevron by 7.3% in the first quarter. Ledge Wealth Management Inc. now owns 8,895 shares of the oil and gas company’s stock valued at $1,451,000 after purchasing an additional 605 shares in the last quarter. Wealth Management Partners LLC grew its stake in Chevron by 5.0% in the first quarter. Wealth Management Partners LLC now owns 11,547 shares of the oil and gas company’s stock valued at $1,884,000 after purchasing an additional 547 shares in the last quarter. Finally, Congress Wealth Management LLC DE grew its stake in Chevron by 1.1% in the first quarter. Congress Wealth Management LLC DE now owns 128,225 shares of the oil and gas company’s stock valued at $20,921,000 after purchasing an additional 1,347 shares in the last quarter. 69.65% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of NYSE CVX opened at $153.53 on Wednesday. The stock has a market capitalization of $290.88 billion, a PE ratio of 8.29, a P/E/G ratio of 0.78 and a beta of 1.17. 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 business has a fifty day moving average price of $158.26 and a two-hundred day moving average price of $165.35. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.14. The firm had revenue of $50.79 billion during the quarter, compared to analysts’ expectations of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.36 EPS. As a group, equities analysts predict that Chevron Co. will post 13.83 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 issued 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 3.93%. Chevron’s dividend payout ratio (DPR) is currently 32.61%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CVX. Morgan Stanley raised their price target on Chevron from $192.00 to $198.00 in a research note on Tuesday, May 23rd. StockNews.com began coverage on Chevron in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Wells Fargo & Company decreased their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. UBS Group started coverage on Chevron in a research note on Wednesday, April 19th. They set a “buy” rating and a $212.00 target price for the company. Finally, Mizuho reduced their target price on Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.68.

About Chevron

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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.