Close Asset Management Ltd Raises Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jul 4th, 2023

Close Asset Management Ltd increased its holdings in Chevron Co. (NYSE:CVX – Free Report) by 7.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 37,947 shares of the oil and gas company’s stock after acquiring an additional 2,655 shares during the period. Close Asset Management Ltd’s holdings in Chevron were worth $6,190,000 at the end of the most recent quarter.

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

Chevron Stock Down 0.2 %

Chevron stock opened at $157.09 on Tuesday. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.16 and a current ratio of 1.43. The company has a market capitalization of $297.63 billion, a P/E ratio of 8.48, a PEG ratio of 0.80 and a beta of 1.16. The stock has a 50-day simple moving average of $157.15 and a 200-day simple moving average of $164.92.

Chevron (NYSE:CVX – Free Report) last posted its 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 during the quarter, compared to the consensus estimate of $49.49 billion. During the same period in the previous year, the business earned $3.36 EPS. The business’s quarterly revenue was down 6.6% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 13.83 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were paid a dividend of $1.51 per share. 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 dividend payout ratio is presently 32.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Truist Financial dropped their price objective on Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. 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. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $195.00 to $200.00 in a research note on Thursday, April 13th. Royal Bank of Canada raised Chevron from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $165.00 to $180.00 in a research note on Thursday, June 1st. Finally, UBS Group began coverage on Chevron in a research note on Wednesday, April 19th. They set a “buy” rating and a $212.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company 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.

Close Asset Management Ltd Raises Holdings in Chevron Co. (NYSE:CVX)

Chevron Stock Down 0.2 %

Chevron Announces Dividend

Wall Street Analyst Weigh In

Chevron Company Profile

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