Chevron Co. (NYSE:CVX) Shares Bought by Naples Global Advisors LLC

Posted by Defense World Staff on Mar 31st, 2023

Naples Global Advisors LLC grew its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 24,915 shares of the oil and gas company’s stock after acquiring an additional 839 shares during the quarter. Naples Global Advisors LLC’s holdings in Chevron were worth $4,472,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Intrua Financial LLC raised its stake in shares of Chevron by 2.6% in the 4th quarter. Intrua Financial LLC now owns 31,704 shares of the oil and gas company’s stock worth $5,675,000 after buying an additional 799 shares in the last quarter. Boston Trust Walden Corp raised its stake in shares of Chevron by 0.4% in the 4th quarter. Boston Trust Walden Corp now owns 151,918 shares of the oil and gas company’s stock worth $27,268,000 after buying an additional 650 shares in the last quarter. Midwest Heritage Bank FSB raised its stake in shares of Chevron by 71.4% in the 4th quarter. Midwest Heritage Bank FSB now owns 2,400 shares of the oil and gas company’s stock worth $431,000 after buying an additional 1,000 shares in the last quarter. Schrum Private Wealth Management LLC raised its stake in shares of Chevron by 10.4% in the 4th quarter. Schrum Private Wealth Management LLC now owns 7,356 shares of the oil and gas company’s stock worth $1,320,000 after buying an additional 691 shares in the last quarter. Finally, Western Financial Corp CA bought a new stake in shares of Chevron in the 4th quarter worth $777,000. Institutional investors and hedge funds own 69.37% of the company’s stock.

Chevron Stock Up 1.0 %

NYSE:CVX opened at $162.39 on Friday. The firm has a market capitalization of $309.62 billion, a price-to-earnings ratio of 8.88, a PEG ratio of 0.77 and a beta of 1.16. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. The business’s fifty day moving average price is $165.57 and its 200 day moving average price is $169.40.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings results 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 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 period in the previous year, the firm posted $2.56 earnings per share. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Co. will post 14.55 earnings per share for the current fiscal year.

Chevron declared that its Board of Directors has approved a share 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 reacquire up to 21.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 3.72%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is 33.04%.

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 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 transaction, the vice president now owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cowen dropped their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. HSBC boosted their target price on Chevron to $187.00 in a research report on Friday, December 2nd. BNP Paribas lowered Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price on the stock. in a research report on Wednesday, December 14th. StockNews.com assumed coverage on Chevron in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Mizuho reaffirmed a “neutral” rating and set a $206.00 target price on shares of Chevron in a research report on Friday, March 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $189.33.

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.