Northside Capital Management LLC Raises Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 24th, 2023

Northside Capital Management LLC lifted its stake in Chevron Co. (NYSE:CVX – Get Rating) by 14.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,775 shares of the oil and gas company’s stock after buying an additional 1,355 shares during the period. Chevron makes up 0.6% of Northside Capital Management LLC’s portfolio, making the stock its 22nd biggest position. Northside Capital Management LLC’s holdings in Chevron were worth $1,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Worth Asset Management LLC purchased a new stake in shares of Chevron in the first quarter worth about $36,000. JDM Financial Group LLC purchased a new position in Chevron in the fourth quarter valued at about $42,000. Hillsdale Investment Management Inc. boosted its holdings in Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after purchasing an additional 210 shares during the last quarter. CarsonAllaria Wealth Management Ltd. boosted its holdings in Chevron by 65.9% in the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 168 shares during the last quarter. Finally, Piershale Financial Group Inc. purchased a new position in Chevron in the fourth quarter valued at about $72,000. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Chevron Stock Down 1.0 %

Shares of Chevron stock opened at $154.52 on Friday. 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 business’s 50 day simple moving average is $167.48 and its 200-day simple moving average is $169.32. The stock has a market capitalization of $294.62 billion, a price-to-earnings ratio of 8.45, a PEG ratio of 0.76 and a beta of 1.16. Chevron Co. has a twelve month low of $132.54 and a twelve month high of $189.68.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $53.97 billion. During the same quarter in the prior year, the business earned $2.56 earnings per share. The firm’s revenue was up 17.1% compared to the same quarter last year. Equities research analysts forecast that Chevron Co. will post 14.73 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a $1.51 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.91%. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio (DPR) is currently 33.04%.

Chevron declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CVX shares. Truist Financial increased their price target on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Raymond James reduced 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. Mizuho reissued a “neutral” rating and issued a $206.00 price target on shares of Chevron in a report on Friday, March 17th. BNP Paribas cut Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price objective on the stock. in a research note on Wednesday, December 14th. Finally, Barclays upped their price objective on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $189.50.

Insider Activity at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the firm’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 value of $3,343,220.00. Following the sale, the vice president now directly owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is owned by insiders.

Chevron Company 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.