Patton Albertson Miller Group LLC Sells 159 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 3rd, 2023

Patton Albertson Miller Group LLC reduced its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 39,596 shares of the oil and gas company’s stock after selling 159 shares during the period. Chevron comprises 1.3% of Patton Albertson Miller Group LLC’s portfolio, making the stock its 15th biggest position. Patton Albertson Miller Group LLC’s holdings in Chevron were worth $7,107,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Worth Asset Management LLC purchased a new position in shares of Chevron in the 1st quarter valued at $36,000. JDM Financial Group LLC purchased a new position in shares of Chevron in the 4th quarter valued at $42,000. Global Wealth Strategies & Associates purchased a new position in shares of Chevron in the 4th quarter valued at $46,000. Orion Capital Management LLC increased its holdings 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. Finally, Hillsdale Investment Management Inc. increased its holdings 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 valued at $54,000 after acquiring an additional 210 shares during the period. 69.37% of the stock is owned by institutional investors.

Insider Activity

In other 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 value of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of analyst reports. Truist Financial lifted their price target on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Morgan Stanley lowered their price objective 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. Barclays lifted their price target on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. BNP Paribas cut Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target for the company. in a research report on Wednesday, December 14th. Finally, StockNews.com initiated coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $189.33.

Chevron Stock Up 0.5 %

Shares of NYSE:CVX opened at $163.16 on Monday. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $165.22 and a two-hundred day moving average of $169.51. The stock has a market cap of $311.09 billion, a P/E ratio of 8.93, a PEG ratio of 0.79 and a beta of 1.16. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68.

Chevron (NYSE:CVX – Get Rating) last issued its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). The company had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.56 earnings per share. On average, research analysts expect that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron declared that its Board of Directors has approved a stock buyback plan 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 buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally 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. Stockholders of record on Thursday, February 16th were paid a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio is 33.04%.

Chevron Company 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.