Prossimo Advisors LLC Takes Position in Chevron Co. (NYSE:CVX)

Prossimo Advisors LLC purchased a new position in Chevron Co. (NYSE:CVX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,525 shares of the oil and gas company’s stock, valued at approximately $1,021,000. Chevron makes up approximately 0.9% of Prossimo Advisors LLC’s portfolio, making the stock its 26th biggest position.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC boosted its holdings in Chevron by 4.9% during the fourth quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock worth $3,202,000 after buying an additional 1,005 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in Chevron in the 4th quarter valued at about $83,000. abrdn plc increased its stake in Chevron by 53.5% during the 4th quarter. abrdn plc now owns 773,101 shares of the oil and gas company’s stock worth $115,316,000 after buying an additional 269,512 shares in the last quarter. CWM LLC raised its holdings in shares of Chevron by 13.2% during the fourth quarter. CWM LLC now owns 243,516 shares of the oil and gas company’s stock valued at $36,323,000 after acquiring an additional 28,448 shares during the last quarter. Finally, Ramsay Stattman Vela & Price Inc. lifted its position in shares of Chevron by 15.2% in the fourth quarter. Ramsay Stattman Vela & Price Inc. now owns 20,923 shares of the oil and gas company’s stock valued at $3,121,000 after acquiring an additional 2,766 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX traded up $0.66 during midday trading on Wednesday, reaching $145.35. 5,982,982 shares of the stock were exchanged, compared to its average volume of 7,875,729. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company has a market capitalization of $265.83 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 2.46 and a beta of 1.10. The business’s 50-day moving average price is $153.21 and its 200 day moving average price is $155.89.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $3.08 earnings per share. On average, sell-side analysts expect that Chevron Co. will post 11.96 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.49%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research reports. HSBC raised their price objective on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Wells Fargo & Company raised their target price on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. TD Cowen boosted their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Monday, April 29th. Mizuho increased their price target on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, Barclays lowered their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and an average target price of $183.82.

About Chevron

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; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.