Congress Asset Management Co. MA Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 27th, 2023

Congress Asset Management Co. MA decreased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 430,296 shares of the oil and gas company’s stock after selling 1,041 shares during the quarter. Congress Asset Management Co. MA’s holdings in Chevron were worth $77,234,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CVX. Cantor Fitzgerald Investment Advisor L.P lifted its stake in shares of Chevron by 85.1% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC lifted its stake in Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 1,476 shares in the last quarter. GQG Partners LLC lifted its stake in Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after purchasing an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC lifted its stake in Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares in the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Insider Buying and Selling at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction 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 sale, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

Chevron Stock Up 1.0 %

Shares of NYSE:CVX opened at $156.06 on Monday. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The stock has a market cap of $297.55 billion, a P/E ratio of 8.54, a price-to-earnings-growth ratio of 0.74 and a beta of 1.16. The business’s 50 day moving average is $167.05 and its 200 day moving average is $169.50. 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 announced its quarterly earnings data 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 firm had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period last year, the company earned $2.56 EPS. Sell-side analysts predict that Chevron Co. will post 14.73 EPS for the current year.

Chevron announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 3.87%. The ex-dividend date was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is 33.04%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CVX. Piper Sandler decreased their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Raymond James lowered their price target on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Truist Financial increased their price target on shares of Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. StockNews.com started coverage on shares of Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Cowen lowered their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average price target of $189.50.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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