Lake Street Financial LLC Sells 342 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 29th, 2023

Lake Street Financial LLC reduced its stake in shares of Chevron Co. (NYSE:CVX – Free Report) by 2.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,171 shares of the oil and gas company’s stock after selling 342 shares during the quarter. Lake Street Financial LLC’s holdings in Chevron were worth $2,475,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CVX. Moneta Group Investment Advisors LLC lifted its position in Chevron by 104,997.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after acquiring an additional 24,467,521 shares in the last quarter. Norges Bank bought a new stake in Chevron during the 4th quarter worth about $3,058,235,000. Price T Rowe Associates Inc. MD lifted its position in Chevron by 79.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,896,009 shares of the oil and gas company’s stock worth $2,494,194,000 after buying an additional 6,133,227 shares in the last quarter. Morgan Stanley lifted its position in Chevron by 12.7% during the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after buying an additional 3,711,923 shares in the last quarter. Finally, Edmp Inc. lifted its position in Chevron by 17,439.1% during the 4th quarter. Edmp Inc. now owns 2,949,893 shares of the oil and gas company’s stock worth $16,435,000 after buying an additional 2,933,074 shares in the last quarter. 69.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Chevron from $192.00 to $198.00 in a research report on Tuesday, May 23rd. Piper Sandler cut their price target on shares of Chevron from $196.00 to $188.00 in a research report on Tuesday, June 13th. Wells Fargo & Company lowered their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective on the stock in a research note on Tuesday, May 23rd. Finally, Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $165.00 to $180.00 in a research note on Thursday, June 1st. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $191.68.

Chevron Stock Performance

Shares of Chevron stock opened at $154.94 on Thursday. The company has a 50 day moving average of $157.95 and a 200-day moving average of $165.27. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. 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 company has a market cap of $293.56 billion, a PE ratio of 8.37, a price-to-earnings-growth ratio of 0.78 and a beta of 1.17.

Chevron (NYSE:CVX – Free Report) last issued its quarterly earnings results 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 net margin of 14.74% and a return on equity of 23.15%. The company had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. During the same quarter in the prior year, the firm posted $3.36 EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Co. will post 13.83 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company 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. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is presently 32.61%.

Chevron Company Profile

(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.