Busey Wealth Management Buys 3,055 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 2nd, 2023

Busey Wealth Management lifted its stake in Chevron Co. (NYSE:CVX – Get Rating) by 1.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 205,023 shares of the oil and gas company’s stock after purchasing an additional 3,055 shares during the period. Chevron accounts for approximately 1.7% of Busey Wealth Management’s holdings, making the stock its 13th largest holding. Busey Wealth Management’s holdings in Chevron were worth $36,800,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. New England Asset Management Inc. lifted its holdings in Chevron by 106.3% during the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after acquiring an additional 2,288,050 shares in the last quarter. Legal & General Group Plc lifted its holdings in 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 worth $1,964,620,000 after acquiring an additional 1,899,104 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chevron by 7.6% during the third 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. Neuberger Berman Group LLC lifted its holdings in Chevron by 28.3% during the third quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock worth $499,801,000 after acquiring an additional 767,699 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Chevron by 18.3% during the third quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock worth $653,751,000 after acquiring an additional 703,646 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.

Insider Transactions at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction that occurred on 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 sale, the vice president now owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CVX. Truist Financial lifted their target price on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a report on Tuesday, January 31st. Raymond James dropped their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Piper Sandler dropped their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Finally, Cowen dropped their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. One 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, Chevron currently has a consensus rating of “Hold” and an average target price of $189.33.

Chevron Price Performance

Shares of NYSE CVX opened at $163.16 on Friday. The business’s 50 day moving average price is $165.22 and its two-hundred day moving average price is $169.47. The company has a market cap 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. 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 Co. has a twelve month low of $132.54 and a twelve month high of $189.68.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly 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 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%. Chevron’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the firm earned $2.56 EPS. On average, analysts predict that Chevron Co. will post 14.56 EPS for the current year.

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

Chevron Increases Dividend

The firm 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 represents a $6.04 dividend on an annualized basis and a 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 payout ratio is 33.04%.

About Chevron

(Get Rating)

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.