Forum Financial Management LP increased its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,880 shares of the oil and gas company’s stock after acquiring an additional 899 shares during the quarter. Forum Financial Management LP’s holdings in Chevron were worth $5,363,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Worth Asset Management LLC purchased a new position in Chevron during the first quarter valued at $36,000. JDM Financial Group LLC purchased a new position in Chevron during the fourth quarter valued at $42,000. Global Wealth Strategies & Associates purchased a new position in Chevron during the fourth quarter valued at $46,000. Orion Capital Management LLC lifted its position 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 valued at $53,000 after buying an additional 73 shares during the period. Finally, Hillsdale Investment Management Inc. lifted its position 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 valued at $54,000 after buying an additional 210 shares during the period. Hedge funds and other institutional investors own 69.37% of the company’s stock.
Insider Activity
In other news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated 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 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 link. Insiders own 0.32% of the company’s stock.
Chevron Trading Down 0.5 %
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 the consensus estimate 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 return on equity of 23.52% and a net margin of 14.40%. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.56 earnings per share. Analysts expect that Chevron Co. will post 14.56 EPS for the current year.
Chevron declared that its board has authorized a share buyback plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Chevron Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.57%. This is a boost from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio (DPR) is presently 33.04%.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on CVX shares. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and raised their price target for the company from $190.00 to $191.00 in a report on Friday, January 6th. Piper Sandler reduced their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, December 19th. StockNews.com started coverage on Chevron in a report on Thursday, March 16th. They set a “hold” rating for the company. Wells Fargo & Company reduced their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Finally, Barclays raised their price target on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $189.89.
About Chevron
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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