AFS Financial Group LLC Takes $1.71 Million Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 6th, 2023

AFS Financial Group LLC bought a new stake in Chevron Co. (NYSE:CVX – Get Rating) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 9,537 shares of the oil and gas company’s stock, valued at approximately $1,712,000. Chevron comprises 1.2% of AFS Financial Group LLC’s holdings, making the stock its 17th largest holding.

A number of other hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in shares of Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after buying an additional 189,762 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Chevron by 16.3% in the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after purchasing an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP grew its holdings 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 purchasing an additional 847,841 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of Chevron by 1.6% in the third quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock valued at $1,430,026,000 after purchasing an additional 155,955 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Chevron by 4.1% in the third quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock valued at $1,115,281,000 after purchasing an additional 309,277 shares during the period. 69.37% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Up 0.5 %

Shares of NYSE:CVX opened at $169.88 on Thursday. The firm’s 50 day moving average price is $164.58 and its 200 day moving average price is $169.67. The stock has a market cap of $323.91 billion, a price-to-earnings ratio of 9.29, a price-to-earnings-growth ratio of 0.82 and a beta of 1.16. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week 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 issued its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share 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 firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same period last year, the business earned $2.56 EPS. The firm’s revenue was up 17.1% compared to the same quarter last year. As a group, equities research analysts predict that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron announced that its board has authorized a share repurchase program 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 buy up to 21.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Chevron Increases Dividend

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

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the sale, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Cowen dropped their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and increased their target price for the stock from $190.00 to $191.00 in a research note on Friday, January 6th. StockNews.com began coverage on shares of Chevron in a research note on Thursday, March 16th. They set a “hold” rating for the company. Mizuho reaffirmed a “neutral” rating and set a $206.00 target price on shares of Chevron in a research note on Friday, March 17th. Finally, Wells Fargo & Company lowered their target price on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Chevron has a consensus rating of “Hold” and an average 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.