Chevron Co. (NYSE:CVX) Shares Purchased by KG&L Capital Management LLC

Posted by Defense World Staff on Jul 5th, 2023

KG&L Capital Management LLC increased its stake in shares of Chevron Co. (NYSE:CVX – Free Report) by 36.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,752 shares of the oil and gas company’s stock after buying an additional 2,624 shares during the quarter. Chevron comprises 0.8% of KG&L Capital Management LLC’s holdings, making the stock its 26th largest position. KG&L Capital Management LLC’s holdings in Chevron were worth $1,591,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Morgan Stanley raised its position in Chevron by 12.7% in the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after purchasing an additional 3,711,923 shares during the period. Moneta Group Investment Advisors LLC raised its position in Chevron by 104,997.3% in 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 purchasing an additional 24,467,521 shares during the period. Norges Bank purchased a new stake in Chevron in the fourth quarter valued at $3,058,235,000. Charles Schwab Investment Management Inc. raised its position 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 valued at $2,393,138,000 after purchasing an additional 189,762 shares during the period. Finally, Franklin Resources Inc. raised its position in Chevron by 2.6% in the fourth quarter. Franklin Resources Inc. now owns 14,164,343 shares of the oil and gas company’s stock valued at $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.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research analyst reports. Royal Bank of Canada upgraded Chevron from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $165.00 to $180.00 in a research report on Thursday, June 1st. JPMorgan Chase & Co. upgraded Chevron from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective on the stock in a report on Tuesday, May 23rd. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a report on Tuesday, April 4th. Finally, Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $195.00 to $200.00 in a report on Thursday, April 13th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $191.68.

Chevron Trading Down 0.1 %

CVX opened at $157.21 on Wednesday. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The company has a market cap of $297.86 billion, a P/E ratio of 8.49, a PEG ratio of 0.80 and a beta of 1.16. 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 business’s 50-day simple moving average is $156.92 and its 200-day simple moving average is $164.83.

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

Chevron Announces Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.84%. Chevron’s payout ratio is currently 32.61%.

Chevron 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.