Calton & Associates Inc. Has $1.77 Million Stock Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 27th, 2023

Calton & Associates Inc. lifted its stake in Chevron Co. (NYSE:CVX – Get Rating) by 9.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,877 shares of the oil and gas company’s stock after purchasing an additional 821 shares during the quarter. Calton & Associates Inc.’s holdings in Chevron were worth $1,773,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Worth Asset Management LLC purchased a new stake in Chevron in the 1st quarter worth about $36,000. JDM Financial Group LLC purchased a new stake in Chevron in the 4th quarter worth about $42,000. Global Wealth Strategies & Associates purchased a new stake in Chevron in the 4th quarter worth about $46,000. Hillsdale Investment Management Inc. lifted its stake in Chevron by 127.3% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 210 shares in the last quarter. Finally, Piershale Financial Group Inc. purchased a new stake in shares of Chevron during the 4th quarter worth about $72,000. 69.37% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

CVX opened at $156.06 on Monday. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The firm has a market capitalization 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 stock’s 50 day moving average price is $167.05 and its two-hundred day moving average price 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 for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the previous year, the business posted $2.56 EPS. Chevron’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities analysts forecast that Chevron Co. will post 14.73 earnings per share for the current year.

Chevron Increases Dividend

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

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

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent research reports. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and raised their price target for the stock from $190.00 to $191.00 in a research note on Friday, January 6th. Barclays raised their price target on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Piper Sandler cut their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, December 19th. Raymond James cut their price objective on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Finally, Wells Fargo & Company cut their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $189.50.

Insider Transactions 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 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 filing with the Securities & Exchange Commission, which is available through this link. 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.