Chevron Co. (NYSE:CVX) Shares Purchased by Red Door Wealth Management LLC

Posted by Defense World Staff on Apr 3rd, 2023

Red Door Wealth Management LLC lifted its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 4.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,750 shares of the oil and gas company’s stock after purchasing an additional 1,274 shares during the quarter. Chevron comprises about 1.9% of Red Door Wealth Management LLC’s portfolio, making the stock its 14th biggest position. Red Door Wealth Management LLC’s holdings in Chevron were worth $5,699,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Landmark Financial Advisors LLC boosted its position in shares of Chevron by 2.2% in the 4th quarter. Landmark Financial Advisors LLC now owns 4,690 shares of the oil and gas company’s stock worth $842,000 after purchasing an additional 103 shares in the last quarter. Waypoint Capital Advisors LLC purchased a new position in Chevron in the 4th quarter worth $218,000. Resonant Capital Advisors LLC raised its stake in Chevron by 6.5% in the 4th quarter. Resonant Capital Advisors LLC now owns 32,766 shares of the oil and gas company’s stock worth $5,881,000 after acquiring an additional 1,991 shares during the last quarter. Mendel Capital Management LLC raised its stake in Chevron by 1.3% in the 4th quarter. Mendel Capital Management LLC now owns 4,663 shares of the oil and gas company’s stock worth $837,000 after acquiring an additional 59 shares during the last quarter. Finally, JB Capital LLC raised its stake in Chevron by 6.3% in the 4th quarter. JB Capital LLC now owns 4,738 shares of the oil and gas company’s stock worth $850,000 after acquiring an additional 279 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Chevron Trading Up 0.5 %

CVX opened at $163.16 on Monday. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The stock has a market capitalization of $311.09 billion, a PE ratio of 8.93, a P/E/G ratio of 0.79 and a beta of 1.16. The business’s 50 day moving average price is $165.22 and its 200 day moving average price is $169.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47.

Chevron (NYSE:CVX – Get Rating) last announced its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (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 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 revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.56 EPS. As a group, equities research analysts expect that Chevron Co. will post 14.56 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a dividend of $1.51 per share. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.70%. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio is currently 33.04%.

Chevron declared that its Board of Directors has approved a share repurchase program on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Piper Sandler reduced their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, December 19th. StockNews.com assumed coverage on Chevron in a research note on Thursday, March 16th. They set a “hold” rating for the company. Barclays lifted their price objective on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Finally, Morgan Stanley cut their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research note on Monday, March 27th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $189.33.

Insider Transactions at Chevron

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 transaction of $3,343,220.00. Following the sale, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

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.