Astoria Portfolio Advisors LLC. boosted its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 21.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,400 shares of the oil and gas company’s stock after purchasing an additional 420 shares during the period. Astoria Portfolio Advisors LLC.’s holdings in Chevron were worth $434,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the business. G&S Capital LLC grew its position in shares of Chevron by 31.4% in the 4th quarter. G&S Capital LLC now owns 20,922 shares of the oil and gas company’s stock valued at $3,755,000 after acquiring an additional 5,000 shares during the period. Orion Capital Management LLC grew its position in shares of Chevron by 32.9% in the 4th quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 73 shares during the period. Beam Wealth Advisors Inc. grew its position in shares of Chevron by 21.1% in the 4th quarter. Beam Wealth Advisors Inc. now owns 7,651 shares of the oil and gas company’s stock valued at $1,373,000 after acquiring an additional 1,333 shares during the period. Mechanics Financial Corp grew its position in shares of Chevron by 8.9% in the 4th quarter. Mechanics Financial Corp now owns 10,825 shares of the oil and gas company’s stock valued at $1,943,000 after acquiring an additional 882 shares during the period. Finally, Whitcomb & Hess Inc. bought a new position in shares of Chevron in the 4th quarter valued at about $225,000. Institutional investors own 69.37% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on CVX. Piper Sandler decreased their price objective on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. Truist Financial lifted their price objective on shares of Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research report on Tuesday, January 31st. Barclays raised their target price on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Cowen cut their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Finally, StockNews.com began coverage on shares of Chevron in a research note on Thursday, March 16th. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $189.33.
Chevron Price Performance
Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. During the same quarter in the previous year, the company earned $2.56 earnings per share. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. Analysts forecast that Chevron Co. will post 14.56 EPS for the current year.
Chevron Increases Dividend
The firm also recently announced 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 is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.70%. Chevron’s dividend payout ratio is presently 33.04%.
Chevron declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Insiders Place Their Bets
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction 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 directly owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.32% of the company’s stock.
About Chevron
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.
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