Adams Asset Advisors LLC Has $13.25 Million Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 23rd, 2023

Adams Asset Advisors LLC cut its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 3.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,816 shares of the oil and gas company’s stock after selling 2,689 shares during the period. Chevron comprises 1.8% of Adams Asset Advisors LLC’s holdings, making the stock its 6th largest holding. Adams Asset Advisors LLC’s holdings in Chevron were worth $13,249,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Adirondack Trust Co. increased its position in shares of Chevron by 0.7% during the 4th quarter. Adirondack Trust Co. now owns 15,926 shares of the oil and gas company’s stock valued at $2,858,000 after purchasing an additional 111 shares during the last quarter. Ferguson Wellman Capital Management Inc. boosted its stake in Chevron by 87.9% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 527,121 shares of the oil and gas company’s stock worth $94,613,000 after buying an additional 246,546 shares during the period. Piershale Financial Group Inc. bought a new position in Chevron during the fourth quarter valued at $72,000. Cadent Capital Advisors LLC raised its stake in shares of Chevron by 37.3% in the fourth quarter. Cadent Capital Advisors LLC now owns 8,939 shares of the oil and gas company’s stock valued at $1,605,000 after acquiring an additional 2,427 shares during the period. Finally, Allworth Financial LP grew its holdings in Chevron by 19.2% during the 4th quarter. Allworth Financial LP now owns 74,968 shares of the oil and gas company’s stock valued at $13,456,000 after purchasing an additional 12,081 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Insider Activity

In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction that occurred on Tuesday, February 7th. The shares were 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 owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.32% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $156.07 on Thursday. The firm has a 50 day moving average of $167.93 and a 200 day moving average of $169.43. 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 company has a market capitalization of $297.57 billion, a price-to-earnings ratio of 8.54, a price-to-earnings-growth ratio of 0.74 and a beta of 1.16. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68.

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 (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 company had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter in the prior year, the business posted $2.56 earnings per share. The company’s revenue was up 17.1% compared to the same quarter last year. On average, sell-side analysts predict that Chevron Co. will post 14.73 earnings per share for the current fiscal year.

Chevron announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.87%. 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 dividend payout ratio is presently 33.04%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CVX. Wells Fargo & Company decreased their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Piper Sandler dropped their price objective on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Barclays increased their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. HSBC boosted their target price on shares of Chevron to $187.00 in a research note on Friday, December 2nd. Finally, Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating and raised their price target for the stock from $190.00 to $191.00 in a research note on Friday, January 6th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $189.50.

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.