Derbend Asset Management Sells 248 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 6th, 2023

Derbend Asset Management lowered its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 5.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,936 shares of the oil and gas company’s stock after selling 248 shares during the period. Derbend Asset Management’s holdings in Chevron were worth $706,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cantor Fitzgerald Investment Advisor L.P raised its position in shares of Chevron by 85.1% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after purchasing an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC raised its holdings in Chevron by 25.2% in the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 1,476 shares during the last quarter. GQG Partners LLC lifted its stake in shares of Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after buying an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC grew its holdings in shares of Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after buying an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after acquiring an additional 250,840 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CVX. Truist Financial upped their price objective on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research report on Tuesday, January 31st. Raymond James decreased their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a research note on Monday, January 30th. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and increased their price objective for the company from $190.00 to $191.00 in a research report on Friday, January 6th. StockNews.com assumed coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Piper Sandler lowered their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Chevron presently has a consensus rating of “Hold” and a consensus target price of $189.76.

Insider Activity

In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction that occurred 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 completion of 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. Insiders own 0.32% of the company’s stock.

Chevron Stock Up 0.5 %

Shares of CVX stock 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. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The stock 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 50 day simple moving average of $164.58 and a two-hundred day simple moving average of $169.67.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data 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 return on equity of 23.52% and a net margin of 14.40%. The company had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter last year, the company earned $2.56 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. On average, research analysts expect that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron Increases Dividend

The business 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 of this dividend 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 (DPR) is 33.04%.

Chevron announced that its Board of Directors has initiated a share buyback program 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 repurchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Chevron Company 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.