Mayflower Financial Advisors LLC Acquires 1,453 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 7th, 2023

Mayflower Financial Advisors LLC lifted its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 92,113 shares of the oil and gas company’s stock after acquiring an additional 1,453 shares during the quarter. Chevron accounts for approximately 2.1% of Mayflower Financial Advisors LLC’s portfolio, making the stock its 6th largest holding. Mayflower Financial Advisors LLC’s holdings in Chevron were worth $16,533,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after purchasing an additional 189,762 shares in the last quarter. Legal & General Group Plc increased its position in Chevron by 16.3% during the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after buying an additional 1,899,104 shares in the last quarter. Dimensional Fund Advisors LP lifted its position 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 acquiring an additional 847,841 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Chevron by 1.6% during 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 acquiring an additional 155,955 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Chevron by 4.1% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock worth $1,115,281,000 after purchasing an additional 309,277 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Down 1.3 %

Shares of CVX stock opened at $167.65 on Friday. The stock has a 50-day simple moving average of $164.18 and a 200 day simple moving average of $169.66. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The stock has a market capitalization of $319.65 billion, a P/E ratio of 9.17, a P/E/G ratio of 0.81 and a beta of 1.16. 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 announced 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). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same period in the prior year, the company posted $2.56 earnings per share. The firm’s revenue was up 17.1% on a year-over-year basis. On average, sell-side analysts expect that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron declared that its Board of Directors has initiated 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.60%. This is an increase 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 (DPR) is presently 33.04%.

Insider Activity at Chevron

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 stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the sale, the vice president now 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 accessible through this link. 0.32% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wells Fargo & Company lowered their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Morgan Stanley reduced their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a research report on Monday, March 27th. 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. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Finally, Cowen reduced their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. 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.com, Chevron has a consensus rating of “Hold” and an average target price 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.