Matisse Capital Takes $424,000 Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 5th, 2023

Matisse Capital purchased a new stake in shares of Chevron Co. (NYSE:CVX – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,363 shares of the oil and gas company’s stock, valued at approximately $424,000.

Several other large investors also recently bought and sold shares of CVX. New England Asset Management Inc. lifted its position in shares of Chevron by 106.3% during the 3rd 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 buying an additional 2,288,050 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Chevron by 16.3% during the 2nd 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 buying an additional 1,899,104 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Chevron by 7.6% during the 3rd 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 buying an additional 847,841 shares in the last quarter. Neuberger Berman Group LLC lifted its position in shares of Chevron by 28.3% during the 3rd 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 buying an additional 767,699 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Chevron by 18.3% during the 3rd quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock valued at $653,751,000 after buying an additional 703,646 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.

Insider Activity at Chevron

In other Chevron 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 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 approximately $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Raymond James decreased their target price on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. StockNews.com assumed coverage on Chevron in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Mizuho reissued a “neutral” rating and set a $206.00 target price on shares of Chevron in a research note on Friday, March 17th. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and lifted their target price for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Finally, Wells Fargo & Company reduced their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $189.89.

Chevron Price Performance

CVX opened at $169.04 on Wednesday. The business has a fifty day moving average of $164.77 and a 200 day moving average of $169.67. 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 stock has a market cap of $322.30 billion, a P/E ratio of 9.25, a PEG ratio of 0.79 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data 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). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter in the previous year, the firm earned $2.56 EPS. Chevron’s revenue was up 17.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Co. will post 14.56 EPS for the current year.

Chevron announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 25th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 21.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

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 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 yield of 3.57%. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is presently 33.04%.

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.