BetterWealth LLC Sells 140 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 3rd, 2023

BetterWealth LLC lowered its stake in Chevron Co. (NYSE:CVX – Get Rating) by 4.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,101 shares of the oil and gas company’s stock after selling 140 shares during the period. Chevron makes up 0.3% of BetterWealth LLC’s holdings, making the stock its 18th biggest holding. BetterWealth LLC’s holdings in Chevron were worth $557,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Worth Asset Management LLC acquired a new stake in Chevron in the first quarter valued at about $36,000. JDM Financial Group LLC acquired a new stake in Chevron in the fourth quarter valued at about $42,000. Global Wealth Strategies & Associates acquired a new stake in Chevron in the fourth quarter valued at about $46,000. Orion Capital Management LLC boosted its stake in Chevron by 32.9% in the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 210 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on CVX shares. StockNews.com started coverage on Chevron in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Cowen reduced their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Mizuho reissued a “neutral” rating and set a $206.00 price target on shares of Chevron in a research note on Friday, March 17th. BNP Paribas lowered Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target on the stock. in a research note on Wednesday, December 14th. Finally, Raymond James cut their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. 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. According to MarketBeat, Chevron presently has an average rating of “Hold” and an average target price of $189.33.

Chevron Price Performance

Chevron stock opened at $163.16 on Monday. The stock’s 50 day moving average is $165.22 and its 200 day moving average is $169.51. 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 firm has a market cap of $311.09 billion, a P/E ratio of 8.93, a P/E/G ratio of 0.79 and a beta of 1.16. Chevron Co. has a one year low of $132.54 and a one year high of $189.68.

Chevron (NYSE:CVX – Get Rating) last posted 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 company had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. Chevron’s revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.56 earnings per share. As a group, research analysts expect 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 issued a $1.51 dividend. 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 yield of 3.70%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s payout ratio is presently 33.04%.

Chevron announced that its Board of Directors has authorized a share buyback program on Wednesday, January 25th that allows the company to repurchase $75.00 billion in 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 usually an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.32% of the stock is currently owned by corporate insiders.

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.