Landmark Financial Advisors LLC Grows Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 3rd, 2023

Landmark Financial Advisors LLC grew its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 2.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,690 shares of the oil and gas company’s stock after purchasing an additional 103 shares during the period. Landmark Financial Advisors LLC’s holdings in Chevron were worth $842,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CVX. New England Asset Management Inc. increased its position in shares of Chevron by 106.3% during the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock valued at $637,889,000 after acquiring an additional 2,288,050 shares in the last quarter. Legal & General Group Plc grew its position in Chevron by 16.3% in the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after purchasing an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP grew its position in Chevron by 7.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after purchasing an additional 847,841 shares during the period. Neuberger Berman Group LLC grew its position in Chevron by 28.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock worth $499,801,000 after purchasing an additional 767,699 shares during the period. Finally, California Public Employees Retirement System grew its position in Chevron by 18.3% in the 3rd quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock worth $653,751,000 after purchasing an additional 703,646 shares during the period. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the business’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 sale, the vice president now directly owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.32% of the company’s stock.

Chevron Stock Up 0.5 %

Shares of CVX stock opened at $163.16 on Monday. 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. 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 company’s fifty day simple moving average is $165.22 and its two-hundred day simple moving average is $169.51.

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 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 return on equity of 23.52% and a net margin of 14.40%. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.56 EPS. Analysts predict that Chevron Co. will post 14.56 EPS for the current fiscal year.

Chevron announced that its board 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 repurchase up to 21.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is 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 issued a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.70%. Chevron’s payout ratio is 33.04%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CVX shares. Barclays lifted their target price on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Truist Financial boosted 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. Morgan Stanley cut their price objective on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Mizuho reissued a “neutral” rating and set a $206.00 price objective on shares of Chevron in a research report on Friday, March 17th. Finally, Piper Sandler cut 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. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.