Howard Financial Services LTD. Decreases Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 23rd, 2023

Howard Financial Services LTD. cut its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 10.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,554 shares of the oil and gas company’s stock after selling 299 shares during the quarter. Howard Financial Services LTD.’s holdings in Chevron were worth $458,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CVX. Renaissance Technologies LLC raised its stake in shares of Chevron by 600.7% during the second quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock worth $837,740,000 after acquiring an additional 4,960,475 shares in the last quarter. FMR LLC raised its stake in shares of Chevron by 62.3% during the second quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock worth $1,642,325,000 after acquiring an additional 4,354,660 shares in the last quarter. New England Asset Management Inc. raised its stake in shares of Chevron by 106.3% during the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after acquiring an additional 2,288,050 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Chevron by 16.3% in the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after purchasing an additional 1,899,104 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Chevron by 7.6% in the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after purchasing an additional 847,841 shares during the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $156.07 on Thursday. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The stock has a market cap of $297.57 billion, a PE ratio of 8.54, a price-to-earnings-growth ratio of 0.74 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. The company’s fifty day moving average price is $167.93 and its 200-day moving average price is $169.43.

Chevron (NYSE:CVX – Get Rating) last announced 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 business had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. During the same quarter last year, the firm posted $2.56 EPS. The business’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities analysts expect that Chevron Co. will post 14.73 EPS for the current fiscal year.

Chevron Increases Dividend

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

Chevron declared that its board has initiated a stock repurchase program on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

CVX has been the topic of several recent analyst reports. BNP Paribas cut shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price on the stock. in a report on Wednesday, December 14th. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and raised their target price for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Raymond James cut their target price on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. Barclays raised their target price on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Finally, Piper Sandler cut their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $189.50.

Insider Transactions at Chevron

In other 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 value 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 SEC, which is available through the SEC website. 0.32% of the stock is owned by insiders.

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.