Vanguard Capital Wealth Advisors Boosts Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 26th, 2023

Vanguard Capital Wealth Advisors raised its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 19.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,500 shares of the oil and gas company’s stock after buying an additional 404 shares during the quarter. Vanguard Capital Wealth Advisors’ holdings in Chevron were worth $449,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Good Life Advisors LLC grew its holdings in shares of Chevron by 2.6% during the third quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock worth $4,031,000 after purchasing an additional 719 shares in the last quarter. M&R Capital Management Inc. grew its holdings in shares of Chevron by 9.8% during the fourth quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after purchasing an additional 674 shares in the last quarter. Sage Mountain Advisors LLC grew its holdings in shares of Chevron by 77.1% during the second quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock worth $875,000 after purchasing an additional 2,632 shares in the last quarter. CapWealth Advisors LLC grew its holdings in shares of Chevron by 0.6% during the third quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after purchasing an additional 1,097 shares in the last quarter. Finally, Joel Isaacson & Co. LLC grew its holdings in shares of Chevron by 0.8% during the third quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock worth $2,688,000 after purchasing an additional 155 shares in the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. BNP Paribas lowered Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price objective for the company. in a report on Wednesday, December 14th. HSBC boosted their target price on Chevron to $187.00 in a research report on Friday, December 2nd. StockNews.com assumed coverage on Chevron in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Finally, Truist Financial boosted their target price on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research report on Tuesday, January 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $189.50.

Chevron Stock Performance

NYSE:CVX opened at $156.06 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. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The stock has a 50-day moving average price of $167.05 and a 200 day moving average price of $169.40. The stock has a market capitalization of $297.55 billion, a P/E ratio of 8.54, a P/E/G ratio of 0.74 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). The business had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.56 EPS. Equities research analysts forecast that Chevron Co. will post 14.73 EPS for the current fiscal year.

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 issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is currently 33.04%.

Chevron declared that its board has approved a stock buyback 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 repurchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Chevron

In other Chevron 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 transaction of $3,343,220.00. Following the completion of the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is currently owned by company insiders.

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.