Chevron Co. (NYSE:CVX) Shares Acquired by Strong Tower Advisory Services

Posted by Defense World Staff on Jun 28th, 2023

Strong Tower Advisory Services lifted its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,504 shares of the oil and gas company’s stock after buying an additional 130 shares during the quarter. Strong Tower Advisory Services’ holdings in Chevron were worth $1,224,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CVX. Cantor Fitzgerald Investment Advisor L.P raised its stake 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 purchasing an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC raised its stake 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 purchasing an additional 1,476 shares during the last quarter. GQG Partners LLC raised its stake 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 purchasing an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC raised its stake 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 purchasing an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP raised its stake 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 purchasing an additional 250,840 shares during the last quarter. Institutional investors and hedge funds own 69.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CVX. Truist Financial dropped their price objective on shares of Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $161.00 to $170.00 in a research note on Wednesday, May 31st. Wells Fargo & Company dropped their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. StockNews.com began coverage on shares of Chevron in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a report on Tuesday, April 4th. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $191.68.

Chevron Stock Down 0.3 %

NYSE CVX opened at $153.53 on Wednesday. The stock has a market cap 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 quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. The business has a 50 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 released its earnings results on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, beating the consensus estimate of $3.41 by $0.14. The company 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 business’s revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.36 EPS. As a group, sell-side analysts predict that Chevron Co. will post 13.83 EPS for the current fiscal 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 paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.93%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is currently 32.61%.

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.