Parkside Investments LLC Buys New Shares in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 21st, 2023

Parkside Investments LLC purchased a new position in Chevron Co. (NYSE:CVX – Get Rating) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 6,910 shares of the oil and gas company’s stock, valued at approximately $1,240,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ICW Investment Advisors LLC increased its stake in Chevron by 0.5% during the third quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock valued at $1,570,000 after acquiring an additional 55 shares during the period. Childress Capital Advisors LLC increased its position in shares of Chevron by 0.8% during the third quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock valued at $1,051,000 after purchasing an additional 57 shares during the period. Klingman & Associates LLC raised its stake in shares of Chevron by 1.6% in the third quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock valued at $537,000 after purchasing an additional 58 shares in the last quarter. Knuff & Co LLC lifted its position in Chevron by 0.5% in the third quarter. Knuff & Co LLC now owns 12,234 shares of the oil and gas company’s stock worth $1,758,000 after purchasing an additional 60 shares during the period. Finally, SignalPoint Asset Management LLC boosted its stake in Chevron by 0.4% during the third quarter. SignalPoint Asset Management LLC now owns 14,906 shares of the oil and gas company’s stock worth $2,141,000 after buying an additional 61 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.

Chevron Trading Up 1.5 %

CVX stock opened at $154.58 on Tuesday. The company has a market cap of $294.73 billion, a P/E ratio of 8.46, a PEG ratio of 0.73 and a beta of 1.16. Chevron Co. has a twelve month low of $132.54 and a twelve month high of $189.68. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $168.65 and a 200-day moving average of $169.51.

Chevron (NYSE:CVX – Get Rating) last released its 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). The firm had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.56 EPS. As a group, equities research analysts expect that Chevron Co. will post 14.73 EPS for the current year.

Chevron announced that its Board of Directors has approved a share repurchase program 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 repurchase up to 21.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Chevron Increases Dividend

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

Insider Transactions at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction on 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 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 legal filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent research reports. Mizuho restated a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a research note on Friday. HSBC raised their price target on shares of Chevron to $187.00 in a research note on Friday, December 2nd. Cowen lowered 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 target price on Chevron from $155.00 to $180.00 in a research report on Tuesday, November 22nd. Finally, Barclays upped their price target on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently 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.