Beam Wealth Advisors Inc. Has $1.37 Million Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 2nd, 2023

Beam Wealth Advisors Inc. lifted its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 21.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,651 shares of the oil and gas company’s stock after acquiring an additional 1,333 shares during the quarter. Chevron makes up approximately 1.4% of Beam Wealth Advisors Inc.’s portfolio, making the stock its 23rd biggest position. Beam Wealth Advisors Inc.’s holdings in Chevron were worth $1,373,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Worth Asset Management LLC acquired a new position in Chevron during the 1st quarter worth about $36,000. JDM Financial Group LLC bought a new position in shares of Chevron in the 4th quarter worth about $42,000. Global Wealth Strategies & Associates bought a new position in shares of Chevron in the 4th quarter worth about $46,000. Hillsdale Investment Management Inc. raised its position 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, CarsonAllaria Wealth Management Ltd. raised its position in shares of Chevron by 65.9% in the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock worth $61,000 after acquiring an additional 168 shares in the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

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 value of $3,343,220.00. Following the transaction, 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 through this link. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CVX. Piper Sandler lowered their price objective on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Truist Financial boosted their target price on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research report on Tuesday, January 31st. Morgan Stanley decreased their target price 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. Finally, BNP Paribas lowered Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price for the company. in a research report on Wednesday, December 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Hold” and an average target price of $189.33.

Chevron Price Performance

CVX stock opened at $163.16 on Friday. The company has a market capitalization of $311.09 billion, a P/E ratio of 8.93, a price-to-earnings-growth ratio of 0.78 and a beta of 1.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The business has a 50-day simple moving average of $165.22 and a two-hundred day simple moving average of $169.47.

Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). The company had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. Chevron’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.56 EPS. Research analysts expect that Chevron Co. will post 14.56 EPS for the current fiscal year.

Chevron declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 25th that allows the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are 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 paid a dividend of $1.51 per share. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 3.70%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is 33.04%.

Chevron Company Profile

(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.