CFM Wealth Partners LLC Has $3 Million Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 30th, 2023

CFM Wealth Partners LLC reduced its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,703 shares of the oil and gas company’s stock after selling 143 shares during the quarter. CFM Wealth Partners LLC’s holdings in Chevron were worth $2,998,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. ICW Investment Advisors LLC boosted its stake in Chevron by 0.5% in the 3rd quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock valued at $1,570,000 after purchasing an additional 55 shares during the period. Childress Capital Advisors LLC increased its stake in shares of Chevron by 0.8% in the third quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock valued at $1,051,000 after buying an additional 57 shares during the period. Howard Capital Management Group LLC lifted its stake in Chevron by 3.3% in the fourth quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock valued at $322,000 after buying an additional 57 shares during the period. Klingman & Associates LLC lifted its holdings in shares of Chevron by 1.6% in the 3rd quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock worth $537,000 after purchasing an additional 58 shares in the last quarter. Finally, Aries Wealth Management boosted its holdings in Chevron by 0.5% during the 4th quarter. Aries Wealth Management now owns 10,973 shares of the oil and gas company’s stock worth $1,970,000 after acquiring an additional 59 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. StockNews.com began coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Mizuho reaffirmed a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a research note on Friday, March 17th. Raymond James lowered their price objective on Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a research report on Monday, January 30th. Cowen lowered their target price 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. Finally, Wells Fargo & Company lowered their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and a consensus price target of $189.33.

Chevron Stock Up 0.9 %

NYSE:CVX opened at $160.86 on Thursday. Chevron Co. has a 1-year low of $132.54 and a 1-year 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. The firm has a market capitalization of $306.71 billion, a P/E ratio of 8.80, a PEG ratio of 0.75 and a beta of 1.16. The company’s fifty day moving average price is $165.90 and its 200-day moving average price is $169.45.

Chevron (NYSE:CVX – Get Rating) last posted 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). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same quarter last year, the business earned $2.56 earnings per share. Chevron’s revenue was up 17.1% on a year-over-year basis. As a group, equities research analysts anticipate that Chevron Co. will post 14.55 EPS for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.75%. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is currently 33.04%.

Chevron declared that its Board of Directors has authorized 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other 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 completion of the sale, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by company insiders.

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.