Boyd Watterson Asset Management LLC OH Lowers Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 27th, 2023

Boyd Watterson Asset Management LLC OH trimmed its position in Chevron Co. (NYSE:CVX – Get Rating) by 2.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,124 shares of the oil and gas company’s stock after selling 552 shares during the period. Chevron makes up about 1.4% of Boyd Watterson Asset Management LLC OH’s holdings, making the stock its 20th biggest position. Boyd Watterson Asset Management LLC OH’s holdings in Chevron were worth $3,433,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisor L.P lifted its holdings in Chevron by 85.1% in the first 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 acquiring an additional 73,141 shares during the period. Axiom Financial Strategies LLC lifted its holdings in Chevron by 25.2% in the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after acquiring an additional 1,476 shares during the period. GQG Partners LLC lifted its holdings in Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after acquiring an additional 1,813 shares during the period. Lumature Wealth Partners LLC lifted its holdings in Chevron by 43.5% in the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after acquiring an additional 1,770 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Chevron by 13.8% during 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 buying an additional 250,840 shares during the last quarter. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’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 transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVX. Barclays boosted their target price on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. Cowen cut their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Mizuho reissued a “neutral” rating and issued a $206.00 target price on shares of Chevron in a research note on Friday, March 17th. Raymond James lowered 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. Finally, BNP Paribas cut Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target for the company. in a report on Wednesday, December 14th. One 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $189.50.

Chevron Stock Up 1.0 %

NYSE CVX opened at $156.06 on Monday. The stock has a market cap of $297.55 billion, a PE ratio of 8.54, a P/E/G 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 business has a 50 day moving average price of $167.05 and a two-hundred day moving average price of $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 released its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The company had revenue of $56.47 billion during 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 firm’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.56 EPS. As a group, sell-side analysts predict that Chevron Co. will post 14.73 EPS for the current fiscal year.

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

Chevron Increases Dividend

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

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.