Cassia Capital Partners LLC Acquires Shares of 1,325 Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 7th, 2023

Cassia Capital Partners LLC acquired a new stake in Chevron Co. (NYSE:CVX – Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,325 shares of the oil and gas company’s stock, valued at approximately $238,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Beaumont Financial Advisors LLC bought a new stake in Chevron in the fourth quarter valued at approximately $1,828,000. Sandbox Financial Partners LLC raised its holdings in shares of Chevron by 54.0% during the fourth quarter. Sandbox Financial Partners LLC now owns 9,597 shares of the oil and gas company’s stock valued at $1,723,000 after acquiring an additional 3,365 shares in the last quarter. Mayflower Financial Advisors LLC raised its holdings in shares of Chevron by 1.6% during the fourth quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock valued at $16,533,000 after acquiring an additional 1,453 shares in the last quarter. Artemis Investment Management LLP raised its holdings in shares of Chevron by 33.9% during the fourth quarter. Artemis Investment Management LLP now owns 52,269 shares of the oil and gas company’s stock valued at $9,430,000 after acquiring an additional 13,236 shares in the last quarter. Finally, Halbert Hargrove Global Advisors LLC raised its holdings in shares of Chevron by 5.2% during the fourth quarter. Halbert Hargrove Global Advisors LLC now owns 3,276 shares of the oil and gas company’s stock valued at $588,000 after acquiring an additional 162 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.

Insider Activity at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction dated 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 transaction, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is currently owned by insiders.

Chevron Trading Down 1.3 %

Chevron stock opened at $167.65 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The stock has a market capitalization of $319.65 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16. The business’s fifty day moving average is $164.18 and its 200 day moving average is $169.66.

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

Chevron declared that its board has authorized a share repurchase plan on Wednesday, January 25th that permits the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 21.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are 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. The ex-dividend date was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.60%. Chevron’s dividend payout ratio (DPR) is 33.04%.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent analyst reports. Mizuho restated a “neutral” rating and set a $206.00 target price on shares of Chevron in a report on Friday, March 17th. Truist Financial upped 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. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a research note on Tuesday. 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 note on Monday, March 27th. Finally, StockNews.com started coverage on Chevron in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Eleven 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 stock has an average rating of “Hold” and an average price target of $189.76.

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.