Violich Capital Management Inc. Buys 475 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 5th, 2023

Violich Capital Management Inc. raised its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,010 shares of the oil and gas company’s stock after buying an additional 475 shares during the period. Chevron accounts for approximately 2.2% of Violich Capital Management Inc.’s portfolio, making the stock its 15th biggest holding. Violich Capital Management Inc.’s holdings in Chevron were worth $12,566,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CVX. New England Asset Management Inc. raised its stake in shares of Chevron by 106.3% in 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 during the last quarter. Legal & General Group Plc raised its stake in shares of Chevron by 16.3% in the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after acquiring an additional 1,899,104 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Chevron by 7.6% in the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock valued at $1,731,739,000 after acquiring an additional 847,841 shares during the last quarter. Neuberger Berman Group LLC raised its stake in shares of Chevron by 28.3% in the third quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock valued at $499,801,000 after acquiring an additional 767,699 shares during the last quarter. Finally, California Public Employees Retirement System raised 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 last quarter. 69.37% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Chevron

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

Analyst Ratings Changes

CVX has been the subject of several research analyst reports. Cowen dropped their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. StockNews.com initiated coverage on shares of Chevron in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Truist Financial boosted their price objective on shares of Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research report on Tuesday, January 31st. Wells Fargo & Company lowered their target price on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Finally, Raymond James lowered their target price on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $189.89.

Chevron Stock Down 0.5 %

Shares of CVX stock opened at $169.04 on Wednesday. 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 firm’s 50-day moving average is $164.77 and its 200-day moving average is $169.67. The stock has a market cap of $322.30 billion, a price-to-earnings ratio of 9.25, 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 analysts’ consensus estimates of $4.16 by ($0.07). The firm had revenue of $56.47 billion during the quarter, compared to the consensus estimate 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 company posted $2.56 earnings per share. Sell-side analysts predict that Chevron Co. will post 14.56 EPS for the current year.

Chevron declared that its board has authorized a stock buyback plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase 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 shares are undervalued.

Chevron Increases Dividend

The business also recently declared 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 a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s dividend payout ratio is currently 33.04%.

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.