Iowa State Bank Has $9.17 Million Stake in Chevron Co. (NYSE:CVX)

Posted by on Jul 14th, 2023

Iowa State Bank trimmed its position in Chevron Co. (NYSE:CVX – Free Report) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,178 shares of the oil and gas company’s stock after selling 2,433 shares during the quarter. Chevron accounts for 2.3% of Iowa State Bank’s portfolio, making the stock its 11th largest position. Iowa State Bank’s holdings in Chevron were worth $9,166,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Morgan Stanley grew 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 acquiring an additional 3,711,923 shares during the period. Moneta Group Investment Advisors LLC grew 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 acquiring an additional 24,467,521 shares during the period. Norges Bank bought a new stake in Chevron in the fourth quarter valued at $3,058,235,000. Charles Schwab Investment Management Inc. grew 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 acquiring an additional 189,762 shares during the period. Finally, Franklin Resources Inc. grew 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 acquiring an additional 354,084 shares during the period. 69.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of analyst reports. UBS Group initiated coverage on Chevron in a research report on Wednesday, April 19th. They issued a “buy” rating and a $212.00 price target on the stock. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 target price on the stock in a report on Tuesday, May 23rd. Mizuho increased their target price on Chevron from $202.00 to $205.00 in a report on Tuesday. Raymond James decreased their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a report on Friday, April 14th. Finally, StockNews.com started coverage on Chevron in a report on Thursday, May 18th. They set a “hold” rating on the stock. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $191.63.

Chevron Trading Down 1.3 %

NYSE:CVX opened at $157.50 on Friday. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The business’s 50-day moving average price is $155.96 and its two-hundred day moving average price is $164.12. 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 capitalization of $298.41 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Free Report) last released 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 firm had revenue of $50.79 billion for the quarter, compared to analyst estimates of $49.49 billion. During the same quarter in the prior year, the firm posted $3.36 earnings per share. The company’s quarterly revenue was down 6.6% on a year-over-year basis. On average, equities analysts expect that Chevron Co. will post 13.83 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were paid a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.83%. The ex-dividend date was Thursday, May 18th. Chevron’s payout ratio is 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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