Country Trust Bank Grows Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 27th, 2023

Country Trust Bank increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 21.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 204,808 shares of the oil and gas company’s stock after buying an additional 36,251 shares during the period. Country Trust Bank’s holdings in Chevron were worth $36,761,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its holdings in Chevron by 600.7% during the second quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock valued at $837,740,000 after purchasing an additional 4,960,475 shares in the last quarter. New England Asset Management Inc. raised its position in shares of Chevron by 106.3% in the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock valued at $637,889,000 after buying an additional 2,288,050 shares during the last quarter. Legal & General Group Plc raised its position in shares of Chevron by 16.3% in the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after buying an additional 1,899,104 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Chevron by 7.6% in the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock valued at $1,731,739,000 after buying an additional 847,841 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of Chevron by 28.3% in the third quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock valued at $499,801,000 after buying an additional 767,699 shares during the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $156.06 on Monday. The firm’s fifty day simple moving average is $167.05 and its 200-day simple moving average is $169.50. The stock has a market capitalization of $297.55 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 0.74 and a beta of 1.16. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23.

Chevron (NYSE:CVX – Get Rating) last announced its earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The business had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.56 earnings per share. As a group, 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. Shareholders of record on Thursday, February 16th were paid a $1.51 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s payout ratio is currently 33.04%.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVX. Barclays increased their target price on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. Wells Fargo & Company cut their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Raymond James dropped their price target on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a research report on Monday, January 30th. Truist Financial lifted their price target on shares of Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research report on Tuesday, January 31st. Finally, Cowen dropped their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Chevron has an average rating of “Hold” and a consensus target price of $189.50.

Insider Buying and Selling at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction on 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 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 Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is currently owned by corporate 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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