Lindbrook Capital LLC Buys 985 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 6th, 2023

Lindbrook Capital LLC boosted its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 7.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,072 shares of the oil and gas company’s stock after purchasing an additional 985 shares during the quarter. Lindbrook Capital LLC’s holdings in Chevron were worth $2,526,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. New England Asset Management Inc. boosted its position in Chevron by 106.3% during the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after purchasing an additional 2,288,050 shares during the period. Legal & General Group Plc boosted its position in Chevron by 16.3% during the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after purchasing an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Chevron by 7.6% in the third 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 acquiring an additional 847,841 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Chevron by 28.3% in the third 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 acquiring an additional 767,699 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Chevron by 18.3% in the third 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 acquiring an additional 703,646 shares during the period. 69.37% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Rhonda J. Morris sold 19,666 shares of the company’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 value of $3,343,220.00. Following the completion of the transaction, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is currently owned by insiders.

Chevron Stock Up 0.5 %

Shares of NYSE CVX opened at $169.88 on Thursday. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. The company has a market cap of $323.91 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 0.82 and a beta of 1.16. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The stock has a 50-day moving average price of $164.58 and a two-hundred day moving average price of $169.67.

Chevron (NYSE:CVX – Get Rating) last issued its 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 business had revenue of $56.47 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.56 EPS. As a group, analysts forecast that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron declared that its board has initiated a stock buyback plan 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 buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Chevron Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their target price on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Barclays boosted their target price on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and boosted their target price for the company from $190.00 to $191.00 in a research report on Friday, January 6th. StockNews.com assumed coverage on shares of Chevron in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Mizuho reissued a “neutral” rating and issued a $206.00 target price on shares of Chevron in a research report on Friday, March 17th. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Chevron currently has a consensus rating of “Hold” and a consensus price target of $189.76.

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.