Bray Capital Advisors Trims Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 1st, 2023

Bray Capital Advisors reduced its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,482 shares of the oil and gas company’s stock after selling 141 shares during the period. Bray Capital Advisors’ holdings in Chevron were worth $984,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after purchasing an additional 189,762 shares during the last quarter. Legal & General Group Plc increased its position in shares of Chevron by 16.3% during 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 period. Dimensional Fund Advisors LP raised its position in shares of Chevron by 7.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after acquiring an additional 847,841 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in 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 worth $1,430,026,000 after purchasing an additional 155,955 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Chevron by 4.1% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock valued at $1,115,281,000 after acquiring an additional 309,277 shares during the period. 69.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on CVX. Morgan Stanley reduced their target price on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a report on Monday, March 27th. Barclays boosted their price objective 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. HSBC increased their price objective on shares of Chevron to $187.00 in a research note on Friday, December 2nd. Truist Financial lifted their target price on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research note on Tuesday, January 31st. Finally, Piper Sandler decreased their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $189.33.

Insider Activity at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction that occurred 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 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 legal filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is currently owned by insiders.

Chevron Price Performance

Shares of CVX stock opened at $163.16 on Friday. The company has a market cap of $311.09 billion, a P/E ratio of 8.93, a PEG ratio of 0.78 and a beta of 1.16. 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 stock’s 50-day moving average is $165.22 and its 200 day moving average is $169.40. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68.

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). The firm had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The company’s revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.56 EPS. Research analysts predict that Chevron Co. will post 14.55 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared 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. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.70%. Chevron’s payout ratio is presently 33.04%.

Chevron announced that its Board of Directors has approved a share buyback 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 buy up to 21.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are 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.