Caliber Wealth Management LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,870 shares of the oil and gas company’s stock, valued at approximately $515,000.
A number of other institutional investors and hedge funds have also modified their holdings of CVX. Worth Asset Management LLC acquired a new stake in Chevron during the first quarter valued at $36,000. JDM Financial Group LLC acquired a new stake in Chevron during the fourth quarter valued at $42,000. Global Wealth Strategies & Associates acquired a new stake in Chevron during the fourth quarter valued at $46,000. Orion Capital Management LLC boosted its position in Chevron by 32.9% during the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 73 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its position in Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after purchasing an additional 210 shares during the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.
Insider Activity at Chevron
In related news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction dated 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 transaction, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.32% of the company’s stock.
Chevron Price Performance
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 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 business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the prior year, the firm posted $2.56 EPS. Chevron’s revenue for the quarter was up 17.1% on a year-over-year basis. Research analysts anticipate that Chevron Co. will post 14.56 EPS for the current year.
Chevron declared that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 21.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
Chevron Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is currently 33.04%.
Analysts Set New Price Targets
A number of research firms recently issued reports on CVX. StockNews.com began coverage on Chevron in a research report on Thursday, March 16th. They set a “hold” rating for the company. Piper Sandler reduced 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. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Mizuho reaffirmed a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research report on Friday, March 17th. 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 equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and an average target price of $189.76.
About Chevron
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.
Featured Stories
- Get a free copy of the StockNews.com research report on Chevron (CVX)
- Penny Stock Wag! Group Co. Has Solid Sell-Side Support
- Staples Stocks Get Lift From Conagra Results, New Highs In Sight
- SGH Bottomed, But Can It Reverse And Move Higher?
- Is Pinterest Showing Signs of an Improving Ad Market?
- At 3x Earnings, Avis Budget Is Worth Taking for a Spin
Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.
