Steel Peak Wealth Management LLC Sells 3,255 Shares of Chevron Co. (NYSE:CVX)

Posted by on Apr 7th, 2023

Steel Peak Wealth Management LLC cut its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 76,751 shares of the oil and gas company’s stock after selling 3,255 shares during the period. Chevron comprises 1.0% of Steel Peak Wealth Management LLC’s holdings, making the stock its 23rd largest holding. Steel Peak Wealth Management LLC’s holdings in Chevron were worth $13,776,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Good Life Advisors LLC boosted its stake in shares of Chevron by 2.6% during the 3rd quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock worth $4,031,000 after purchasing an additional 719 shares during the period. M&R Capital Management Inc. boosted its stake in shares of Chevron by 9.8% during the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after purchasing an additional 674 shares during the period. Sage Mountain Advisors LLC boosted its stake in shares of Chevron by 77.1% during the 2nd quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock worth $875,000 after purchasing an additional 2,632 shares during the period. CapWealth Advisors LLC boosted its stake in shares of Chevron by 0.6% during the 3rd quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after purchasing an additional 1,097 shares during the period. Finally, Joel Isaacson & Co. LLC boosted its stake in shares of Chevron by 0.8% during the 3rd quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock worth $2,688,000 after purchasing an additional 155 shares during the period. 69.37% of the stock is currently owned by institutional investors.

Chevron Stock Performance

CVX opened at $167.65 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The company has a market cap of $319.65 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.81 and a beta of 1.16. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The firm’s fifty day simple moving average is $164.18 and its two-hundred day simple moving average is $169.66.

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 (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). The company had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.56 earnings per share. Equities analysts anticipate that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron declared that its board has approved a stock buyback plan on Wednesday, January 25th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.60%. This is a boost from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s dividend payout ratio is 33.04%.

Insider Activity

In other news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction dated 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 in the company, valued at $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $190.00 to $191.00 in a research note on Friday, January 6th. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective for the company in a research report on Tuesday. StockNews.com started coverage on shares of Chevron in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Piper Sandler lowered their price objective on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. Finally, Cowen lowered their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $189.76.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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