Moody National Bank Trust Division Trims Stock Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 20th, 2023

Moody National Bank Trust Division lessened its stake in Chevron Co. (NYSE:CVX – Get Rating) by 0.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 39,615 shares of the oil and gas company’s stock after selling 196 shares during the period. Chevron comprises approximately 0.6% of Moody National Bank Trust Division’s portfolio, making the stock its 18th largest position. Moody National Bank Trust Division’s holdings in Chevron were worth $7,110,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Enterprise Bank & Trust Co increased its holdings in Chevron by 1.2% in the 4th quarter. Enterprise Bank & Trust Co now owns 19,947 shares of the oil and gas company’s stock valued at $3,580,000 after purchasing an additional 227 shares during the last quarter. First Citizens Financial Corp increased its holdings in Chevron by 28.2% in the 4th quarter. First Citizens Financial Corp now owns 1,820 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 400 shares during the last quarter. Accurate Wealth Management LLC increased its holdings in Chevron by 17.0% in the 4th quarter. Accurate Wealth Management LLC now owns 11,228 shares of the oil and gas company’s stock valued at $1,977,000 after purchasing an additional 1,634 shares during the last quarter. Foundations Investment Advisors LLC increased its holdings in Chevron by 192.3% in the 4th quarter. Foundations Investment Advisors LLC now owns 58,134 shares of the oil and gas company’s stock valued at $10,434,000 after purchasing an additional 38,247 shares during the last quarter. Finally, Glassy Mountain Advisors Inc. acquired a new position in shares of Chevron in the fourth quarter worth $267,000. Institutional investors and hedge funds own 69.37% of the company’s stock.

Insider Activity

In other news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.32% of the company’s stock.

Chevron Price Performance

Shares of CVX opened at $152.34 on Monday. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The stock has a market cap of $290.46 billion, a PE ratio of 8.33, a price-to-earnings-growth ratio of 0.72 and a beta of 1.16. 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 fifty day moving average price of $169.06 and a 200 day moving average price of $169.52.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The company had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same period last year, the firm earned $2.56 earnings per share. Chevron’s revenue was up 17.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Chevron Co. will post 14.73 EPS for the current year.

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

Chevron Increases Dividend

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

Analysts Set New Price Targets

CVX has been the subject of several research reports. Cowen dropped their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Raymond James dropped their price target on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a research note on Monday, January 30th. Morgan Stanley dropped their price target on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating for the company in a research note on Monday, January 30th. BNP Paribas downgraded shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target for the company. in a research note on Wednesday, December 14th. Finally, Truist Financial boosted their target price on shares of Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research note on Tuesday, January 31st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $189.50.

Chevron Profile

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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.

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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