Baker Boyer National Bank Raises Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 30th, 2023

Baker Boyer National Bank raised its position in Chevron Co. (NYSE:CVX – Free Report) by 15.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 5,652 shares of the oil and gas company’s stock after purchasing an additional 771 shares during the period. Chevron accounts for approximately 0.4% of Baker Boyer National Bank’s portfolio, making the stock its 28th biggest holding. Baker Boyer National Bank’s holdings in Chevron were worth $922,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVX. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. Raymond James reduced their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research report on Friday, April 14th. Mizuho lowered their price target on Chevron from $206.00 to $196.00 in a report on Friday, May 19th. BNP Paribas upgraded shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a report on Tuesday, April 4th. Finally, Wells Fargo & Company lowered their target price 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. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.68.

Chevron Stock Up 0.8 %

Shares of NYSE CVX opened at $156.20 on Friday. The business has a 50-day moving average of $157.68 and a two-hundred day moving average of $165.21. The company has a market capitalization of $295.94 billion, a price-to-earnings ratio of 8.43, a price-to-earnings-growth ratio of 0.79 and a beta of 1.17. Chevron Co. has a 1 year low of $132.54 and a 1 year high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.16.

Chevron (NYSE:CVX – Free Report) last announced its quarterly 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 for the quarter, compared to analyst estimates of $49.49 billion. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The firm’s revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.36 earnings per share. On average, analysts forecast that Chevron Co. will post 13.83 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were paid a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 annualized dividend and a yield of 3.87%. Chevron’s dividend payout ratio is currently 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.