Hennessy Advisors Inc. Decreases Stake in Chevron Co. (NYSE:CVX)

Posted by on Jun 28th, 2023

Hennessy Advisors Inc. reduced its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 64,975 shares of the oil and gas company’s stock after selling 2,400 shares during the period. Hennessy Advisors Inc.’s holdings in Chevron were worth $10,601,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Transform Wealth LLC boosted its position in shares of Chevron by 29.2% during the 1st quarter. Transform Wealth LLC now owns 104,867 shares of the oil and gas company’s stock worth $17,110,000 after purchasing an additional 23,714 shares in the last quarter. Capital Advisors Wealth Management LLC boosted its position in shares of Chevron by 3.1% during the 1st quarter. Capital Advisors Wealth Management LLC now owns 14,299 shares of the oil and gas company’s stock worth $2,333,000 after purchasing an additional 435 shares in the last quarter. Welch & Forbes LLC boosted its position in shares of Chevron by 1.1% during the 1st quarter. Welch & Forbes LLC now owns 376,810 shares of the oil and gas company’s stock worth $61,480,000 after purchasing an additional 4,067 shares in the last quarter. Oak Asset Management LLC boosted its position in shares of Chevron by 0.4% in the 1st quarter. Oak Asset Management LLC now owns 74,078 shares of the oil and gas company’s stock worth $12,087,000 after buying an additional 292 shares in the last quarter. Finally, JGP Wealth Management LLC boosted its position in shares of Chevron by 49.8% in the 1st 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. 69.65% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Chevron stock opened at $153.53 on Wednesday. The stock has a market cap of $290.88 billion, a P/E ratio of 8.29, a price-to-earnings-growth ratio of 0.78 and a beta of 1.17. 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 50 day moving average of $158.26 and a 200-day moving average of $165.35. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.14. The business had revenue of $50.79 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company posted $3.36 EPS. On average, analysts expect that Chevron Co. will post 13.83 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s dividend payout ratio is presently 32.61%.

Analysts Set New Price Targets

Several research firms recently commented on CVX. Morgan Stanley boosted their price objective on shares of Chevron from $192.00 to $198.00 in a research report on Tuesday, May 23rd. Mizuho decreased their price objective on shares of Chevron from $206.00 to $196.00 in a research report on Friday, May 19th. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $195.00 to $200.00 in a research report on Thursday, April 13th. StockNews.com began coverage on shares of Chevron in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $189.00 target price for the company in a research note on Tuesday, May 23rd. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $191.68.

Chevron Company 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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