Carderock Capital Management Inc. Sells 130 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 1st, 2023

Carderock Capital Management Inc. trimmed its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 2.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,776 shares of the oil and gas company’s stock after selling 130 shares during the quarter. Carderock Capital Management Inc.’s holdings in Chevron were worth $857,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Worth Asset Management LLC acquired a new stake in shares of Chevron in the 1st quarter valued at $36,000. JDM Financial Group LLC acquired a new stake in shares of Chevron during the fourth quarter worth approximately $42,000. Global Wealth Strategies & Associates acquired a new stake in shares of Chevron during the fourth quarter worth approximately $46,000. Hillsdale Investment Management Inc. boosted its holdings 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 acquiring an additional 210 shares in the last quarter. Finally, Piershale Financial Group Inc. bought a new stake in Chevron during the 4th quarter worth approximately $72,000. Institutional investors own 69.37% of the company’s stock.

Insider Activity at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research reports. Morgan Stanley lowered their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Mizuho reaffirmed a “neutral” rating and issued a $206.00 target price on shares of Chevron in a research report on Friday, March 17th. Wells Fargo & Company cut their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. HSBC raised their price objective on Chevron to $187.00 in a report on Friday, December 2nd. Finally, Cowen reduced their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Chevron has an average rating of “Hold” and a consensus target price of $189.33.

Chevron Stock Performance

Shares of NYSE:CVX opened at $163.16 on Friday. The firm has a market cap of $311.09 billion, a PE ratio of 8.93, a PEG 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 company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average price is $165.22 and its two-hundred day moving average price is $169.40.

Chevron (NYSE:CVX – Get Rating) last issued its earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS 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 firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same quarter in the previous year, the firm posted $2.56 earnings per share. Chevron’s quarterly revenue was up 17.1% compared to the same quarter last year. Equities research analysts predict that Chevron Co. will post 14.55 earnings per share for the current year.

Chevron announced that its board has initiated a share buyback program on Wednesday, January 25th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a $1.51 dividend. This is a boost 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 currently 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.