Mountain Pacific Investment Advisers Inc. ID Sells 400 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 1st, 2023

Mountain Pacific Investment Advisers Inc. ID decreased its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 6.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,269 shares of the oil and gas company’s stock after selling 400 shares during the quarter. Mountain Pacific Investment Advisers Inc. ID’s holdings in Chevron were worth $1,125,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Worth Asset Management LLC acquired a new position in Chevron during the 1st quarter valued at about $36,000. JDM Financial Group LLC acquired a new position in Chevron in the fourth quarter valued at approximately $42,000. Global Wealth Strategies & Associates acquired a new position in Chevron in the fourth quarter valued at approximately $46,000. Hillsdale Investment Management Inc. grew its holdings in Chevron by 127.3% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 210 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. raised its position in shares of Chevron by 65.9% during the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 168 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Insiders Place Their Bets

In related 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 transaction of $3,343,220.00. Following the completion of the transaction, the vice president now owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CVX shares. BNP Paribas cut Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price objective for the company. in a research note on Wednesday, December 14th. Piper Sandler lowered their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, December 19th. Cowen reduced their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Barclays boosted their price objective on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Finally, Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $189.33.

Chevron Price Performance

NYSE CVX opened at $163.16 on Friday. The company has a market capitalization of $311.09 billion, a PE ratio of 8.93, a price-to-earnings-growth ratio of 0.78 and a beta of 1.16. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The firm’s 50 day moving average is $165.22 and its 200-day moving average is $169.40. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13.

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

Chevron announced that its Board of Directors has initiated 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 repurchase up to 21.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given 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 annualized dividend and a dividend yield of 3.70%. Chevron’s payout ratio is 33.04%.

Chevron Company 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.