Goelzer Investment Management Inc. Has $17.91 Million Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 1st, 2023

Goelzer Investment Management Inc. reduced its position in Chevron Co. (NYSE:CVX – Get Rating) by 1.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 99,785 shares of the oil and gas company’s stock after selling 1,158 shares during the period. Chevron comprises about 1.5% of Goelzer Investment Management Inc.’s holdings, making the stock its 13th largest position. Goelzer Investment Management Inc.’s holdings in Chevron were worth $17,910,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CVX. Good Life Advisors LLC lifted its stake in shares of Chevron by 2.6% in the third quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock worth $4,031,000 after buying an additional 719 shares during the last quarter. M&R Capital Management Inc. raised its holdings in Chevron by 9.8% in the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock valued at $1,361,000 after acquiring an additional 674 shares in the last quarter. Sage Mountain Advisors LLC boosted its stake in Chevron by 77.1% during the second quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock worth $875,000 after buying an additional 2,632 shares in the last quarter. CapWealth Advisors LLC raised its position in Chevron by 0.6% in the third quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after purchasing an additional 1,097 shares in the last quarter. Finally, Joel Isaacson & Co. LLC boosted its stake in shares of Chevron by 0.8% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock valued at $2,688,000 after purchasing an additional 155 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors and hedge funds.

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 shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the sale, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by insiders.

Chevron Stock Up 0.5 %

Chevron stock opened at $163.16 on Friday. Chevron Co. has a 12 month low of $132.54 and a 12 month 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 stock has a fifty day simple moving average of $165.22 and a two-hundred day simple moving average of $169.40. The firm has a market cap of $311.09 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 0.78 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last released 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 the consensus estimate of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. Chevron’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.56 EPS. Equities analysts predict that Chevron Co. will post 14.55 EPS for the current fiscal year.

Chevron declared that its board has approved a stock repurchase program on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio is 33.04%.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research reports. Wells Fargo & Company lowered their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. StockNews.com began coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Truist Financial upped their price target on shares of Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research report on Tuesday, January 31st. BNP Paribas downgraded Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price for the company. in a research note on Wednesday, December 14th. Finally, Raymond James decreased their price objective on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. 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 company. According to MarketBeat.com, Chevron presently has an average rating of “Hold” and an average target price of $189.33.

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.