Beacon Investment Advisory Services Inc. Sells 67 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 24th, 2023

Beacon Investment Advisory Services Inc. decreased its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 0.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,484 shares of the oil and gas company’s stock after selling 67 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Chevron were worth $7,266,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Northern Trust Corp grew its holdings in shares of Chevron by 1.5% in the second quarter. Northern Trust Corp now owns 25,219,717 shares of the oil and gas company’s stock worth $3,651,311,000 after acquiring an additional 371,458 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after acquiring an additional 189,762 shares during the period. 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 acquiring an additional 1,899,104 shares during the period. 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 acquiring an additional 847,841 shares during the period. Finally, FMR LLC grew its holdings in shares of Chevron by 62.3% in 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 during the period. Institutional investors own 69.37% of the company’s stock.

Chevron Trading Down 1.0 %

CVX opened at $154.52 on Friday. The stock has a market cap of $294.62 billion, a price-to-earnings ratio of 8.45, a P/E/G ratio of 0.76 and a beta of 1.16. The stock’s 50 day moving average price is $167.48 and its 200-day moving average price is $169.32. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. 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 released 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). The business had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.56 EPS. On average, equities analysts forecast 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. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.91%. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio is 33.04%.

Chevron announced that its board has authorized 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 reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. HSBC boosted their price target on Chevron to $187.00 in a report on Friday, December 2nd. Mizuho reissued a “neutral” rating and set a $206.00 price target on shares of Chevron in a report on Friday, March 17th. Raymond James cut their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Wells Fargo & Company lowered their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Finally, Piper Sandler lowered their price objective on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $189.50.

Insider Buying and Selling

In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction that occurred on 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 transaction, the vice president now 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 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.