Capstone Wealth Management Group LLC Sells 509 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 7th, 2023

Capstone Wealth Management Group LLC lowered its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,875 shares of the oil and gas company’s stock after selling 509 shares during the quarter. Chevron makes up 1.7% of Capstone Wealth Management Group LLC’s portfolio, making the stock its 15th biggest position. Capstone Wealth Management Group LLC’s holdings in Chevron were worth $1,593,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. ICW Investment Advisors LLC boosted its position in shares of Chevron by 0.5% during the 3rd quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock worth $1,570,000 after purchasing an additional 55 shares in the last quarter. Childress Capital Advisors LLC boosted its position in shares of Chevron by 0.8% during the 3rd quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock worth $1,051,000 after purchasing an additional 57 shares in the last quarter. Howard Capital Management Group LLC boosted its position in shares of Chevron by 3.3% during the 4th quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock worth $322,000 after purchasing an additional 57 shares in the last quarter. Klingman & Associates LLC boosted its position in shares of Chevron by 1.6% during the 3rd quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock worth $537,000 after purchasing an additional 58 shares in the last quarter. Finally, Aries Wealth Management boosted its position in shares of Chevron by 0.5% during the 4th quarter. Aries Wealth Management now owns 10,973 shares of the oil and gas company’s stock worth $1,970,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research reports. Bank of America downgraded 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. Truist Financial lifted their price target on Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research note on Tuesday, January 31st. Cowen cut their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. StockNews.com initiated coverage on Chevron in a research note on Thursday, March 16th. They set a “hold” rating for the company. Finally, Raymond James cut 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. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $189.76.

Insider Transactions at Chevron

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 transaction of $3,343,220.00. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.

Chevron Trading Down 1.3 %

Shares of CVX stock opened at $167.65 on Friday. The firm has a market cap of $319.65 billion, a P/E ratio of 9.17, a PEG ratio of 0.81 and a beta of 1.16. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The firm’s 50-day simple moving average is $164.18 and its 200-day simple moving average is $169.66.

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 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 return on equity of 23.52% and a net margin of 14.40%. The company’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.56 earnings per share. As a group, equities analysts forecast that Chevron Co. will post 14.56 EPS 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 issued a dividend of $1.51 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio is presently 33.04%.

Chevron announced that its board has initiated a share buyback program on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

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.