Madison Wealth Partners Inc Acquires 121 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 6th, 2023

Madison Wealth Partners Inc grew its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 5.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,322 shares of the oil and gas company’s stock after purchasing an additional 121 shares during the period. Madison Wealth Partners Inc’s holdings in Chevron were worth $417,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. ICW Investment Advisors LLC raised its stake in Chevron by 0.5% during the 3rd quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock worth $1,570,000 after acquiring an additional 55 shares during the period. Childress Capital Advisors LLC raised its position in shares of Chevron by 0.8% during the 3rd quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock valued at $1,051,000 after purchasing an additional 57 shares during the period. Howard Capital Management Group LLC lifted its stake in shares of Chevron by 3.3% during the 4th quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock valued at $322,000 after buying an additional 57 shares in the last quarter. Klingman & Associates LLC boosted its holdings in Chevron by 1.6% in the 3rd 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 during the period. Finally, Aries Wealth Management increased its stake in Chevron by 0.5% in the 4th 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 currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVX has been the subject of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective for the company in a report on Tuesday. Mizuho reiterated a “neutral” rating and set a $206.00 price objective on shares of Chevron in a research report on Friday, March 17th. Raymond James dropped their target price on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a research report on Monday, January 30th. Finally, Barclays lifted 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. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $189.76.

Chevron Stock Performance

NYSE CVX opened at $169.88 on Thursday. The business’s 50 day moving average price is $164.58 and its 200-day moving average price is $169.67. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The company has a market cap of $323.91 billion, a P/E ratio of 9.29, a P/E/G ratio of 0.82 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 (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 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 net margin of 14.40% and a return on equity of 23.52%. The company’s revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.56 EPS. Sell-side analysts predict that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.56%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

Chevron announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Chevron

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 stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.

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.