Eastern Bank Sells 549 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 5th, 2023

Eastern Bank cut its stake in Chevron Co. (NYSE:CVX – Get Rating) by 1.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,394 shares of the oil and gas company’s stock after selling 549 shares during the quarter. Eastern Bank’s holdings in Chevron were worth $6,353,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Good Life Advisors LLC raised its holdings in Chevron by 2.6% in the 3rd quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock worth $4,031,000 after purchasing an additional 719 shares in the last quarter. M&R Capital Management Inc. increased its stake in shares of Chevron by 9.8% in the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after acquiring an additional 674 shares in the last quarter. Sage Mountain Advisors LLC increased its stake in shares of Chevron by 77.1% in the 2nd quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock worth $875,000 after acquiring an additional 2,632 shares in the last quarter. CapWealth Advisors LLC increased its stake in shares of Chevron by 0.6% in the 3rd quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after acquiring an additional 1,097 shares in the last quarter. Finally, Joel Isaacson & Co. LLC increased its stake in shares of Chevron by 0.8% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock worth $2,688,000 after acquiring an additional 155 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of NYSE CVX opened at $169.04 on Wednesday. The firm’s 50-day moving average price is $164.77 and its 200-day moving average price is $169.67. 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 has a market cap of $322.30 billion, a PE 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 announced its quarterly 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 company had revenue of $56.47 billion for 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 business’s revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.56 EPS. As a group, analysts anticipate that Chevron Co. will post 14.56 EPS for the current year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors 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. 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 3.57%. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

Chevron declared that its board has initiated 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 buy up to 21.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CVX shares. Mizuho reiterated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research note on Friday, March 17th. Piper Sandler decreased their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, December 19th. Cowen decreased their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Raymond James cut their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research report on Monday, January 30th. Finally, Barclays increased their price objective on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. Eleven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Chevron currently has an average rating of “Hold” and an average target price of $189.89.

Insider Buying and Selling

In related news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction that occurred on 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 owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.32% of the stock is currently owned by 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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