Chevron Co. (NYSE:CVX) Position Increased by Stratos Wealth Advisors LLC

Posted by Defense World Staff on Mar 30th, 2023

Stratos Wealth Advisors LLC increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 4.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,770 shares of the oil and gas company’s stock after acquiring an additional 1,513 shares during the period. Stratos Wealth Advisors LLC’s holdings in Chevron were worth $6,241,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after acquiring an additional 189,762 shares in the last quarter. Legal & General Group Plc grew 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 purchasing an additional 1,899,104 shares during the last quarter. Dimensional Fund Advisors LP grew 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 purchasing an additional 847,841 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Chevron by 1.6% in the third quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock valued at $1,430,026,000 after purchasing an additional 155,955 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Chevron by 4.1% during the third quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock worth $1,115,281,000 after buying an additional 309,277 shares in the last quarter. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

CVX stock opened at $160.86 on Thursday. 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 company has a 50 day moving average price of $165.90 and a 200 day moving average price of $169.45. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The stock has a market capitalization of $306.71 billion, a PE ratio of 8.80, a price-to-earnings-growth ratio of 0.75 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last posted 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 company had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. During the same quarter last year, the firm earned $2.56 EPS. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. Analysts forecast that Chevron Co. will post 14.55 EPS for the current year.

Chevron announced that its board has approved a share repurchase program 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 reacquire up to 21.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are 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 issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is currently 33.04%.

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction on Tuesday, February 7th. The shares were 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 of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CVX. Barclays lifted their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Piper Sandler decreased their price objective on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Morgan Stanley cut their target price on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research note on Monday. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and lifted their target price for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Finally, Mizuho reiterated a “neutral” rating and issued a $206.00 target price on shares of Chevron in a research note on Friday, March 17th. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $189.33.

Chevron Company Profile

(Get Rating)

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.