Renaissance Investment Group LLC Has $896,000 Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 21st, 2023

Renaissance Investment Group LLC lifted its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 10.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,992 shares of the oil and gas company’s stock after buying an additional 454 shares during the quarter. Renaissance Investment Group LLC’s holdings in Chevron were worth $896,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of CVX. Northern Trust Corp grew its position in Chevron by 1.5% in the 2nd quarter. Northern Trust Corp now owns 25,219,717 shares of the oil and gas company’s stock valued at $3,651,311,000 after purchasing an additional 371,458 shares during the period. Charles Schwab Investment Management Inc. grew its position in Chevron by 1.3% in the 1st 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 purchasing an additional 189,762 shares during the period. Legal & General Group Plc grew its position in Chevron by 16.3% in the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after purchasing an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP grew its position in Chevron by 7.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock valued at $1,731,739,000 after purchasing an additional 847,841 shares during the period. Finally, FMR LLC grew its position in Chevron by 62.3% in the 2nd quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock valued at $1,642,325,000 after purchasing an additional 4,354,660 shares during the period. Institutional investors and hedge funds own 69.37% of the company’s stock.

Chevron Trading Up 1.5 %

Shares of Chevron stock opened at $154.58 on Tuesday. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The stock’s 50-day simple moving average is $168.65 and its 200 day simple moving average is $169.51. The stock has a market capitalization of $294.73 billion, a P/E ratio of 8.46, a P/E/G ratio of 0.73 and a beta of 1.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) 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 firm had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. During the same quarter in the prior year, the firm posted $2.56 earnings per share. The company’s revenue was up 17.1% on a year-over-year basis. As a group, research analysts anticipate that Chevron Co. will post 14.73 EPS for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a $1.51 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s payout ratio is currently 33.04%.

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

Analyst Ratings Changes

CVX has been the subject of several research reports. Wells Fargo & Company reduced their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Cowen dropped their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Citigroup raised their price objective on Chevron from $155.00 to $180.00 in a research note on Tuesday, November 22nd. StockNews.com assumed coverage on Chevron in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Barclays raised their price objective on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Chevron presently has an average rating of “Hold” and a consensus target price of $189.50.

Insider Buying and Selling at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the transaction, the vice president now 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 can be accessed through this link. Insiders own 0.32% of the company’s stock.

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.