Chevron Co. (NYSE:CVX) Shares Bought by M&R Capital Management Inc.

Posted by Defense World Staff on Mar 20th, 2023

M&R Capital Management Inc. raised its position in Chevron Co. (NYSE:CVX – Get Rating) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,580 shares of the oil and gas company’s stock after acquiring an additional 674 shares during the period. M&R Capital Management Inc.’s holdings in Chevron were worth $1,361,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisor L.P lifted its stake in shares of Chevron by 85.1% during the first 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 buying an additional 73,141 shares during the period. Axiom Financial Strategies LLC lifted its stake in shares of Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 1,476 shares during the period. GQG Partners LLC lifted its stake in shares of Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after buying an additional 1,813 shares during the period. Lumature Wealth Partners LLC lifted its stake in shares of Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after buying an additional 1,770 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after buying an additional 250,840 shares during the period. 69.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CVX shares. HSBC raised their target price on shares of Chevron to $187.00 in a report on Friday, December 2nd. StockNews.com started coverage on shares of Chevron in a report on Thursday. They set a “hold” rating for the company. Raymond James reduced their target price on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Truist Financial raised their target price on shares of Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a report on Tuesday, January 31st. Finally, Morgan Stanley reduced their target price on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating for the company in a report on Monday, January 30th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $189.50.

Insider Buying and Selling at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total value of $3,343,220.00. Following the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is currently owned by company insiders.

Chevron Stock Performance

NYSE:CVX opened at $152.34 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The firm has a market capitalization of $290.46 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 0.72 and a beta of 1.16. The company’s 50-day moving average is $169.06 and its two-hundred day moving average is $169.52. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing the consensus estimate of $4.16 by ($0.07). The firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.56 earnings per share. Analysts forecast that Chevron Co. will post 14.73 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.96%. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s payout ratio is presently 33.04%.

Chevron announced that its board has initiated a share repurchase plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

About Chevron

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.