Park Avenue Securities LLC Grows Stock Position in Chevron Co. (NYSE:CVX)

Posted by on Jul 3rd, 2023

Park Avenue Securities LLC lifted its stake in Chevron Co. (NYSE:CVX – Free Report) by 5.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,932 shares of the oil and gas company’s stock after buying an additional 4,163 shares during the period. Park Avenue Securities LLC’s holdings in Chevron were worth $12,879,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. LaFleur & Godfrey LLC increased its holdings in shares of Chevron by 17.0% in the first quarter. LaFleur & Godfrey LLC now owns 53,899 shares of the oil and gas company’s stock worth $8,794,000 after buying an additional 7,812 shares during the period. Riversedge Advisors LLC purchased a new position in shares of Chevron in the first quarter worth about $570,000. Insight Folios Inc increased its holdings in shares of Chevron by 1.1% in the first quarter. Insight Folios Inc now owns 43,854 shares of the oil and gas company’s stock worth $7,155,000 after buying an additional 489 shares during the period. Hedges Asset Management LLC increased its holdings in shares of Chevron by 3.6% in the first quarter. Hedges Asset Management LLC now owns 13,542 shares of the oil and gas company’s stock worth $2,210,000 after buying an additional 475 shares during the period. Finally, FRG Family Wealth Advisors LLC increased its holdings in shares of Chevron by 2.6% in the first quarter. FRG Family Wealth Advisors LLC now owns 9,884 shares of the oil and gas company’s stock worth $1,613,000 after buying an additional 250 shares during the period. Hedge funds and other institutional investors own 69.65% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price target on the stock in a report on Tuesday, May 23rd. Mizuho reduced their price target on Chevron from $206.00 to $196.00 in a report on Friday, May 19th. Morgan Stanley boosted their price target on Chevron from $192.00 to $198.00 in a report on Tuesday, May 23rd. Finally, StockNews.com started coverage on Chevron in a report on Thursday, May 18th. They set a “hold” rating on the stock. 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 data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $191.68.

Chevron Stock Performance

Shares of CVX opened at $157.35 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average price is $157.44 and its 200-day moving average price is $165.01. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68. The stock has a market cap 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.

Chevron (NYSE:CVX – Free Report) last issued its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, topping 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 firm had revenue of $50.79 billion for the quarter, compared to analysts’ expectations of $49.49 billion. During the same period in the previous year, the firm posted $3.36 EPS. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. Equities research analysts anticipate 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. Investors of record on Friday, May 19th were issued a $1.51 dividend. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a yield of 3.84%. Chevron’s payout ratio is currently 32.61%.

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.

See Also

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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