ShoreHaven Wealth Partners LLC Purchases Shares of 2,163 Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 6th, 2023

ShoreHaven Wealth Partners LLC purchased a new stake in Chevron Co. (NYSE:CVX – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,163 shares of the oil and gas company’s stock, valued at approximately $388,000.

A number of other large investors also recently bought and sold shares of CVX. Good Life Advisors LLC increased its position in shares of Chevron by 2.6% in the third quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock valued at $4,031,000 after buying an additional 719 shares in the last quarter. M&R Capital Management Inc. increased its position in shares of Chevron by 9.8% in the fourth quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock valued at $1,361,000 after buying an additional 674 shares in the last quarter. Sage Mountain Advisors LLC increased its position in shares of Chevron by 77.1% in the second quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock valued at $875,000 after buying an additional 2,632 shares in the last quarter. CapWealth Advisors LLC increased its position in shares of Chevron by 0.6% in the third quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock valued at $24,959,000 after buying an additional 1,097 shares in the last quarter. Finally, Joel Isaacson & Co. LLC increased its position in shares of Chevron by 0.8% in the third quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock valued at $2,688,000 after buying an additional 155 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $169.88 on Thursday. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The stock’s fifty day moving average is $164.58 and its two-hundred day moving average is $169.67. The firm has a market capitalization of $323.91 billion, a P/E ratio of 9.29, a price-to-earnings-growth 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 announced 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). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same period last year, the company earned $2.56 EPS. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. On average, research analysts anticipate that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron declared that its board has initiated a stock buyback program on Wednesday, January 25th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 21.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Chevron Increases Dividend

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

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Piper Sandler cut their price objective on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. StockNews.com began coverage on Chevron in a research report on Thursday, March 16th. They set a “hold” rating for the company. Cowen dropped their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Finally, Truist Financial boosted their price target on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research report on Tuesday, January 31st. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price 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.