Keudell Morrison Wealth Management Trims Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jul 2nd, 2023

Keudell Morrison Wealth Management lowered its position in Chevron Co. (NYSE:CVX – Free Report) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,131 shares of the oil and gas company’s stock after selling 101 shares during the period. Chevron makes up approximately 0.7% of Keudell Morrison Wealth Management’s investment portfolio, making the stock its 26th biggest holding. Keudell Morrison Wealth Management’s holdings in Chevron were worth $2,306,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Morgan Stanley boosted its position in Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after buying an additional 3,711,923 shares during the period. Moneta Group Investment Advisors LLC raised its stake in shares of 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 valued at $4,395,858,000 after acquiring an additional 24,467,521 shares in the last quarter. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $3,058,235,000. Charles Schwab Investment Management Inc. grew its stake in Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after purchasing an additional 189,762 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Chevron by 2.6% during the 4th quarter. Franklin Resources Inc. now owns 14,164,343 shares of the oil and gas company’s stock worth $2,542,358,000 after purchasing an additional 354,084 shares during the period. Hedge funds and other institutional investors own 69.65% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CVX shares. StockNews.com started coverage on Chevron in a report on Thursday, May 18th. They issued a “hold” rating for the company. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $195.00 to $200.00 in a research note on Thursday, April 13th. Royal Bank of Canada raised shares of Chevron from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $165.00 to $180.00 in a research report on Thursday, June 1st. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target for the company in a research report on Tuesday, April 4th. Finally, UBS Group started coverage on shares of Chevron in a report on Wednesday, April 19th. They set a “buy” rating and a $212.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.68.

Chevron Trading Up 0.7 %

Shares of Chevron stock opened at $157.35 on Friday. The firm’s 50 day simple moving average is $157.44 and its two-hundred day simple moving average is $165.06. The firm has a market capitalization of $298.12 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 0.79 and a beta of 1.17. Chevron Co. has a 12-month low of $132.54 and a 12-month 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.

Chevron (NYSE:CVX – Free Report) last posted its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The business had revenue of $50.79 billion for the quarter, compared to the consensus estimate of $49.49 billion. During the same quarter in the previous year, the business earned $3.36 EPS. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. Analysts predict that Chevron Co. will post 13.83 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s payout ratio is 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.