Chevron Co. (NYSE:CVX) is Essex Savings Bank’s Largest Position

Posted by Defense World Staff on Mar 26th, 2023

Essex Savings Bank cut its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 133,764 shares of the oil and gas company’s stock after selling 556 shares during the period. Chevron accounts for approximately 8.4% of Essex Savings Bank’s holdings, making the stock its biggest holding. Essex Savings Bank’s holdings in Chevron were worth $24,009,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CVX. Renaissance Technologies LLC boosted its position in Chevron by 600.7% during the 2nd quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock worth $837,740,000 after purchasing an additional 4,960,475 shares during the period. New England Asset Management Inc. boosted its position in Chevron by 106.3% during the 3rd 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 purchasing an additional 2,288,050 shares during the period. Legal & General Group Plc boosted its position in Chevron by 16.3% during the 2nd 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 period. Dimensional Fund Advisors LP boosted its position in Chevron by 7.6% during the 3rd 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 period. Finally, Neuberger Berman Group LLC boosted its position in Chevron by 28.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock worth $499,801,000 after purchasing an additional 767,699 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated Tuesday, February 7th. The shares were 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 in the company, 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 company insiders.

Chevron Price Performance

CVX opened at $156.06 on Friday. The firm has a market cap of $297.55 billion, a price-to-earnings ratio of 8.54, a price-to-earnings-growth ratio of 0.74 and a beta of 1.16. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The company’s 50-day moving average price is $167.05 and its 200 day moving average price is $169.40. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 earnings per share 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 analyst estimates of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. Chevron’s revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.56 EPS. As a group, sell-side analysts expect that Chevron Co. will post 14.73 earnings per share for the current year.

Chevron declared that its board has approved a stock repurchase program on Wednesday, January 25th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Chevron Increases Dividend

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

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Chevron in a research report on Thursday, March 16th. They set a “hold” rating for the company. Mizuho reiterated a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a report on Friday, March 17th. BNP Paribas lowered shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price objective on the stock. in a report on Wednesday, December 14th. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Finally, Raymond James cut their price objective 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. One investment 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. Based on data from MarketBeat, Chevron currently has an average rating of “Hold” and an average price target of $189.50.

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.

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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