Independence Bank of Kentucky Acquires 3,310 Shares of Chevron Co. (NYSE:CVX)

Independence Bank of Kentucky boosted its holdings in Chevron Co. (NYSE:CVXFree Report) by 16.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,137 shares of the oil and gas company’s stock after purchasing an additional 3,310 shares during the quarter. Chevron makes up approximately 1.2% of Independence Bank of Kentucky’s holdings, making the stock its 14th biggest position. Independence Bank of Kentucky’s holdings in Chevron were worth $3,451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Cantor Fitzgerald Investment Advisor L.P raised its holdings in shares of Chevron by 85.1% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after acquiring an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC raised its holdings in shares of Chevron by 25.2% during the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares in the last quarter. GQG Partners LLC raised its holdings in Chevron by 4.7% during the 1st 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 during the period. Lumature Wealth Partners LLC raised its holdings in Chevron by 43.5% during the 1st 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 during the period. Finally, First Trust Advisors LP raised its holdings in Chevron by 13.8% during the 1st 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 during the period. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CVX shares. Mizuho increased their price target on Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Piper Sandler decreased their price target on Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a report on Thursday, March 14th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and set a $170.00 target price on the stock. in a research note on Tuesday, January 16th. The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a research note on Monday. Finally, Jefferies Financial Group upgraded Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a research note on Monday, January 8th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus price target of $180.39.

Check Out Our Latest Research Report on CVX

Chevron Price Performance

CVX opened at $160.44 on Thursday. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $172.88. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $153.23 and its 200-day simple moving average is $152.42. The company has a market capitalization of $297.98 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 2.43 and a beta of 1.12.

Chevron (NYSE:CVXGet Free Report) last posted its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The business had revenue of $47.18 billion for the quarter, compared to the consensus estimate of $50.93 billion. During the same quarter in the prior year, the company earned $4.09 EPS. The business’s revenue was down 16.5% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron Co. will post 13.13 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, February 15th. This represents a $6.52 dividend on an annualized basis and a yield of 4.06%. This is an increase from Chevron’s previous quarterly dividend of $1.51. Chevron’s dividend payout ratio (DPR) is presently 57.39%.

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; 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.

Further Reading

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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