G&S Capital LLC Increases Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 2nd, 2023

G&S Capital LLC lifted its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 31.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,922 shares of the oil and gas company’s stock after purchasing an additional 5,000 shares during the period. Chevron comprises about 1.7% of G&S Capital LLC’s portfolio, making the stock its 14th largest holding. G&S Capital LLC’s holdings in Chevron were worth $3,755,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. ICW Investment Advisors LLC increased 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 acquiring an additional 55 shares during the period. Childress Capital Advisors LLC increased 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 acquiring an additional 57 shares during the period. Howard Capital Management Group LLC increased its position in shares of 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 acquiring an additional 57 shares during the period. Klingman & Associates LLC increased its position in shares of 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 acquiring an additional 58 shares during the period. Finally, Aries Wealth Management increased its position in shares of 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 acquiring an additional 59 shares during the period. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Insider Activity at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total value 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 legal filing with the SEC, which is available through the SEC website. 0.32% of the stock is owned by insiders.

Chevron Price Performance

Shares of CVX opened at $163.16 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. The company has a market capitalization of $311.09 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 0.78 and a beta of 1.16. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The firm has a 50-day simple moving average of $165.22 and a 200-day simple moving average of $169.47.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data 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 during 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 in the previous year, the business earned $2.56 EPS. On average, equities research analysts anticipate that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron announced that its board has initiated a share buyback plan 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 repurchase up to 21.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a $1.51 dividend. 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 dividend payout ratio (DPR) is presently 33.04%.

Wall Street Analyst Weigh In

Several research firms recently commented on CVX. Truist Financial increased their target price on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. StockNews.com began coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Piper Sandler dropped their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Cowen dropped their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Finally, Barclays raised their price objective on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $189.33.

About Chevron

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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.