LeJeune Puetz Investment Counsel LLC reduced its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 19.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,778 shares of the oil and gas company’s stock after selling 659 shares during the quarter. LeJeune Puetz Investment Counsel LLC’s holdings in Chevron were worth $499,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the business. Alta Wealth Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth $264,000. Family Investment Center Inc. bought a new stake in shares of Chevron in the 4th quarter worth $303,000. Charter Oak Capital Management LLC raised its stake in shares of Chevron by 5.3% in the 4th quarter. Charter Oak Capital Management LLC now owns 4,018 shares of the oil and gas company’s stock worth $721,000 after buying an additional 203 shares in the last quarter. Founders Capital Management LLC raised its position in shares of Chevron by 5.2% during the fourth quarter. Founders Capital Management LLC now owns 1,505 shares of the oil and gas company’s stock worth $270,000 after purchasing an additional 75 shares during the period. Finally, HB Wealth Management LLC raised its position in shares of Chevron by 11.1% during the fourth quarter. HB Wealth Management LLC now owns 107,695 shares of the oil and gas company’s stock worth $19,330,000 after purchasing an additional 10,745 shares during the period. 69.37% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on CVX shares. HSBC boosted their target price on Chevron to $187.00 in a research report on Friday, December 2nd. Piper Sandler cut their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Morgan Stanley lowered their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Finally, Barclays lifted their price target on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $189.33.
Insiders Place Their Bets
Chevron Price Performance
Shares of NYSE CVX opened at $163.16 on Friday. The firm’s 50-day moving average price is $165.22 and its 200-day moving average price is $169.40. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The firm has a market capitalization of $311.09 billion, a P/E ratio of 8.93, a P/E/G ratio of 0.78 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13.
Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The business had revenue of $56.47 billion during 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 revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.56 EPS. Equities research analysts anticipate that Chevron Co. will post 14.55 earnings per share for the current fiscal year.
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 is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.70%. Chevron’s dividend payout ratio is currently 33.04%.
Chevron declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
About Chevron
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.
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