HNP Capital LLC Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 5th, 2023

HNP Capital LLC reduced its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,250 shares of the oil and gas company’s stock after selling 332 shares during the quarter. Chevron accounts for 1.0% of HNP Capital LLC’s portfolio, making the stock its 23rd largest position. HNP Capital LLC’s holdings in Chevron were worth $3,455,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Worth Asset Management LLC purchased a new stake in Chevron during the first quarter worth approximately $36,000. JDM Financial Group LLC purchased a new stake in Chevron during the fourth quarter worth approximately $42,000. Global Wealth Strategies & Associates purchased a new stake in Chevron during the fourth quarter worth approximately $46,000. Orion Capital Management LLC grew its stake in Chevron by 32.9% during the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock worth $53,000 after buying an additional 73 shares during the period. Finally, Hillsdale Investment Management Inc. grew its stake in Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after buying an additional 210 shares during the period. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent research reports. StockNews.com initiated coverage on shares of Chevron in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Piper Sandler reduced their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Mizuho reissued a “neutral” rating and set a $206.00 target price on shares of Chevron in a research report on Friday, March 17th. Raymond James reduced their target price 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, BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price on the stock in a research report on Tuesday. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $189.89.

Chevron Stock Down 0.5 %

Chevron stock opened at $169.04 on Wednesday. The company has a 50-day simple moving average of $164.77 and a 200-day simple moving average of $169.67. The firm has a market capitalization of $322.30 billion, a P/E ratio of 9.25, a P/E/G ratio of 0.79 and a beta of 1.16. 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 Co. has a one year low of $132.54 and a one year high of $189.68.

Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). The firm had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.56 EPS. As a group, equities analysts expect that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 3.57%. 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 initiated a share buyback plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Chevron

In related 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 completion of the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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.