Naples Global Advisors LLC Boosts Holdings in Chevron Co. (NYSE:CVX)

Posted by on Jun 29th, 2023

Naples Global Advisors LLC increased its position in Chevron Co. (NYSE:CVX – Free Report) by 2.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,621 shares of the oil and gas company’s stock after purchasing an additional 706 shares during the quarter. Naples Global Advisors LLC’s holdings in Chevron were worth $4,180,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rebalance LLC acquired a new stake in shares of Chevron during the 4th quarter worth approximately $26,000. Western Pacific Wealth Management LP acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $37,000. Red Tortoise LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $37,000. Worth Asset Management LLC acquired a new position in shares of Chevron during the first quarter worth approximately $36,000. Finally, JDM Financial Group LLC bought a new position in Chevron in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 69.65% of the company’s stock.

Chevron Trading Up 0.9 %

NYSE CVX opened at $154.94 on Thursday. 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 firm has a market cap of $293.56 billion, a P/E ratio of 8.37, a P/E/G ratio of 0.78 and a beta of 1.17. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The stock’s 50-day moving average is $157.95 and its 200-day moving average is $165.27.

Chevron (NYSE:CVX – Free Report) last posted its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.14. The business had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. Chevron’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period last year, the company earned $3.36 earnings per share. Sell-side analysts anticipate that Chevron Co. will post 13.83 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were issued 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 dividend yield of 3.90%. Chevron’s payout ratio is presently 32.61%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CVX shares. StockNews.com started coverage on Chevron in a research note on Thursday, May 18th. They set a “hold” rating for the company. Mizuho reduced their price objective on Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. Royal Bank of Canada raised Chevron from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $165.00 to $180.00 in a report on Thursday, June 1st. Morgan Stanley boosted their target price on shares of Chevron from $192.00 to $198.00 in a research note on Tuesday, May 23rd. Finally, BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a report on Tuesday, April 4th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and an average target price of $191.68.

About Chevron

(Free Report)

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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