Annapolis Financial Services LLC Has $148,000 Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 2nd, 2023

Annapolis Financial Services LLC trimmed its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 10.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 823 shares of the oil and gas company’s stock after selling 91 shares during the quarter. Annapolis Financial Services LLC’s holdings in Chevron were worth $148,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. ICW Investment Advisors LLC raised its position in shares of Chevron by 0.5% during the third quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock worth $1,570,000 after purchasing an additional 55 shares during the period. Childress Capital Advisors LLC raised its position in shares of Chevron by 0.8% during the third quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock worth $1,051,000 after purchasing an additional 57 shares during the period. Howard Capital Management Group LLC grew its holdings in Chevron by 3.3% during the fourth quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock worth $322,000 after buying an additional 57 shares in the last quarter. Klingman & Associates LLC grew its holdings in Chevron by 1.6% during the third quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock worth $537,000 after buying an additional 58 shares in the last quarter. Finally, Aries Wealth Management grew its holdings in Chevron by 0.5% during the fourth quarter. Aries Wealth Management now owns 10,973 shares of the oil and gas company’s stock worth $1,970,000 after buying an additional 59 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

NYSE:CVX opened at $163.16 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The business has a 50 day moving average of $165.22 and a 200 day moving average of $169.47. The company has a market capitalization 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 Co. has a 1-year low of $132.54 and a 1-year 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 EPS for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same period last year, the firm earned $2.56 earnings per share. Chevron’s revenue for the quarter was up 17.1% on a year-over-year basis. On average, sell-side analysts predict that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron declared that its board has initiated a stock buyback plan on Wednesday, January 25th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were paid a dividend of $1.51 per share. 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 dividend yield of 3.70%. Chevron’s payout ratio is 33.04%.

Insider Activity

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 transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CVX. Cowen decreased their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. StockNews.com assumed coverage on Chevron in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Mizuho reaffirmed a “neutral” rating and set a $206.00 price target on shares of Chevron in a research report on Friday, March 17th. Truist Financial upped their price target on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research report on Tuesday, January 31st. Finally, Morgan Stanley dropped their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and a consensus target price of $189.33.

Chevron 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.