Focused Wealth Management Inc Has $297,000 Holdings in Chevron Co. (NYSE:CVX)

Posted by on Mar 23rd, 2023

Focused Wealth Management Inc lessened its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 59.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,656 shares of the oil and gas company’s stock after selling 2,430 shares during the quarter. Focused Wealth Management Inc’s holdings in Chevron were worth $297,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CVX. Worth Asset Management LLC bought a new position in Chevron in the 1st quarter valued at $36,000. JDM Financial Group LLC acquired a new stake in shares of Chevron during the fourth quarter worth $42,000. Hillsdale Investment Management Inc. grew its stake in shares of Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 210 shares during the period. CarsonAllaria Wealth Management Ltd. grew its stake in shares of Chevron by 65.9% during the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 168 shares during the period. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. grew its stake in shares of Chevron by 275.0% during the third quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 600 shares of the oil and gas company’s stock worth $86,000 after purchasing an additional 440 shares during the period. Institutional investors own 69.37% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $156.07 on Thursday. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The firm has a market capitalization of $297.57 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 0.74 and a beta of 1.16. The business has a 50-day simple moving average of $167.93 and a 200 day simple moving average of $169.43. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23.

Chevron (NYSE:CVX – Get Rating) last issued its earnings results on Friday, January 27th. The oil and gas company reported $4.09 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 period in the previous year, the firm earned $2.56 earnings per share. The business’s quarterly revenue was up 17.1% on a year-over-year basis. On average, research analysts anticipate that Chevron Co. will post 14.73 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s payout ratio is currently 33.04%.

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 purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CVX. HSBC boosted their target price on Chevron to $187.00 in a research note on Friday, December 2nd. Barclays increased 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. Wells Fargo & Company cut their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Cowen lowered their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Finally, Mizuho restated a “neutral” rating and set a $206.00 price objective on shares of Chevron in a research note on Friday, March 17th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $189.50.

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction that occurred 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 approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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