Proficio Capital Partners LLC Acquires 1,461,696 Shares of Chevron Co. (NYSE:CVX)

Posted by on Jul 3rd, 2023

Proficio Capital Partners LLC raised its holdings in Chevron Co. (NYSE:CVX – Free Report) by 19,933.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,469,029 shares of the oil and gas company’s stock after purchasing an additional 1,461,696 shares during the quarter. Proficio Capital Partners LLC owned approximately 0.08% of Chevron worth $1,469,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVX. Cantor Fitzgerald Investment Advisor L.P increased its stake in shares of Chevron by 85.1% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares during the period. Axiom Financial Strategies LLC grew its stake in shares of Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 1,476 shares during the period. GQG Partners LLC grew its stake in shares of Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after purchasing an additional 1,813 shares during the period. Lumature Wealth Partners LLC grew its stake in shares of Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares during the period. 69.65% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

CVX stock opened at $157.35 on Monday. The stock has a 50-day moving average price of $157.44 and a 200-day moving average price of $165.01. 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 firm has a market cap of $298.12 billion, a PE ratio of 8.50, a price-to-earnings-growth ratio of 0.80 and a beta of 1.16.

Chevron (NYSE:CVX – Free Report) last issued its earnings results on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $49.49 billion. During the same period in the previous year, the company posted $3.36 EPS. The firm’s revenue was down 6.6% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Co. will post 13.83 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Shareholders 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 yield of 3.84%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio is currently 32.61%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Morgan Stanley lifted their price objective on Chevron from $192.00 to $198.00 in a research note on Tuesday, May 23rd. StockNews.com started coverage on Chevron in a research note on Thursday, May 18th. They issued a “hold” rating for the company. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a research note on Tuesday, April 4th. Truist Financial decreased their target price on Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. Finally, HSBC raised 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 analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $191.68.

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.

Featured Articles

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Co. (NYSE:CVX – Free Report).

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.