Midwest Heritage Bank FSB Acquires 1,000 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 30th, 2023

Midwest Heritage Bank FSB boosted its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 71.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,400 shares of the oil and gas company’s stock after acquiring an additional 1,000 shares during the quarter. Midwest Heritage Bank FSB’s holdings in Chevron were worth $431,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Worth Asset Management LLC bought a new position in Chevron in the 1st quarter valued at approximately $36,000. JDM Financial Group LLC bought a new position in shares of Chevron during the 4th quarter valued at $42,000. Global Wealth Strategies & Associates purchased a new position in shares of Chevron in the 4th quarter worth $46,000. Hillsdale Investment Management Inc. boosted its stake in shares of 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 buying an additional 210 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. boosted its stake in shares of Chevron by 65.9% in the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock worth $61,000 after buying an additional 168 shares during the last quarter. 69.37% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CVX shares. Mizuho restated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research note on Friday, March 17th. Truist Financial raised their price target on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research note on Tuesday, January 31st. Cowen dropped their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. BNP Paribas downgraded Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target on the stock. in a research note on Wednesday, December 14th. Finally, StockNews.com assumed coverage on Chevron in a research report on Thursday, March 16th. They set a “hold” rating on the stock. One 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $189.33.

Insider Transactions at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated 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 sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Chevron Price Performance

NYSE:CVX opened at $160.86 on Thursday. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The business’s 50-day simple moving average is $165.90 and its two-hundred day simple moving average is $169.45. The stock has a market cap of $306.71 billion, a PE ratio of 8.80, a P/E/G ratio of 0.75 and a beta of 1.16. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly 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 the consensus estimate of $53.97 billion. During the same period in the prior year, the business earned $2.56 earnings per share. Chevron’s revenue was up 17.1% compared to the same quarter last year. As a group, analysts forecast that Chevron Co. will post 14.55 EPS for the current fiscal year.

Chevron Increases Dividend

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

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

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.