Brookstone Capital Management Sells 73,415 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jul 3rd, 2023

Brookstone Capital Management decreased its position in Chevron Co. (NYSE:CVX – Free Report) by 58.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,971 shares of the oil and gas company’s stock after selling 73,415 shares during the quarter. Brookstone Capital Management’s holdings in Chevron were worth $8,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in CVX. Rebalance LLC bought a new position in shares of Chevron during the 4th quarter valued at approximately $26,000. Western Pacific Wealth Management LP purchased a new position in Chevron during the 4th quarter valued at $37,000. Red Tortoise LLC purchased a new position in Chevron during the 4th quarter valued at $37,000. Worth Asset Management LLC purchased a new position in Chevron during the 1st quarter valued at $36,000. Finally, JDM Financial Group LLC purchased a new position in Chevron during the 4th quarter valued at $42,000. Institutional investors own 69.65% of the company’s stock.

Chevron Trading Up 0.7 %

Shares of NYSE:CVX opened at $157.35 on Monday. The business’s 50-day moving average is $157.44 and its 200 day moving average is $165.01. Chevron Co. has a 1 year low of $132.54 and a 1 year high of $189.68. The firm has a market capitalization of $298.12 billion, a P/E ratio of 8.50, a P/E/G ratio of 0.80 and a beta of 1.16. 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 earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (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 return on equity of 23.15% and a net margin of 14.74%. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.36 EPS. On average, research analysts predict 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. Stockholders of record on Friday, May 19th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s dividend payout ratio is presently 32.61%.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of recent analyst reports. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective for the company in a report on Tuesday, May 23rd. Piper Sandler lowered their target price on Chevron from $196.00 to $188.00 in a report on Tuesday, June 13th. Morgan Stanley upped their target price on Chevron from $192.00 to $198.00 in a report on Tuesday, May 23rd. UBS Group started coverage on Chevron in a report on Wednesday, April 19th. They issued a “buy” rating and a $212.00 target price for the company. Finally, Mizuho lowered their target price on Chevron from $206.00 to $196.00 in a report on Friday, May 19th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.