First Citizens Bank & Trust Co. Has $3.58 Million Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 5th, 2023

First Citizens Bank & Trust Co. cut its stake in Chevron Co. (NYSE:CVX – Get Rating) by 55.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,938 shares of the oil and gas company’s stock after selling 25,309 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Chevron were worth $3,578,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. ICW Investment Advisors LLC increased its holdings in shares of Chevron by 0.5% during the third quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock worth $1,570,000 after buying an additional 55 shares in the last quarter. Childress Capital Advisors LLC increased its holdings in shares of Chevron by 0.8% during the third quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock worth $1,051,000 after buying an additional 57 shares in the last quarter. Howard Capital Management Group LLC increased its holdings in shares of Chevron by 3.3% during the fourth quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock worth $322,000 after buying an additional 57 shares in the last quarter. Klingman & Associates LLC increased its holdings in shares of Chevron by 1.6% during the third quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock worth $537,000 after buying an additional 58 shares in the last quarter. Finally, Aries Wealth Management increased its holdings in shares of Chevron by 0.5% during the fourth quarter. Aries Wealth Management now owns 10,973 shares of the oil and gas company’s stock worth $1,970,000 after buying an additional 59 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CVX. Barclays raised their price target on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Mizuho reissued a “neutral” rating and issued a $206.00 price target on shares of Chevron in a report on Friday, March 17th. Truist Financial raised their price target on shares of Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Piper Sandler lowered their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Finally, Bank of America lowered shares of 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. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $189.89.

Insider Activity at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction 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 sale, 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 Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is currently owned by insiders.

Chevron Trading Down 0.5 %

Shares of NYSE CVX opened at $169.04 on Wednesday. The company’s fifty 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 P/E/G ratio of 0.79 and a beta of 1.16. Chevron Co. has a twelve month low of $132.54 and a twelve month 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.

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 for the quarter, missing analysts’ consensus estimates 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 company’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.56 earnings per share. Equities research analysts predict that Chevron Co. will post 14.56 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given 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 payout ratio is currently 33.04%.

Chevron announced that its board has approved a stock repurchase 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 purchase up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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