Greenleaf Trust Has $7.88 Million Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 7th, 2023

Greenleaf Trust lifted its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 43,884 shares of the oil and gas company’s stock after purchasing an additional 1,610 shares during the quarter. Greenleaf Trust’s holdings in Chevron were worth $7,877,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Worth Asset Management LLC bought a new stake in Chevron during the first quarter worth $36,000. JDM Financial Group LLC acquired a new position in shares of Chevron during the 4th quarter worth $42,000. Global Wealth Strategies & Associates bought a new stake in shares of Chevron during the 4th quarter worth $46,000. Orion Capital Management LLC boosted its stake in Chevron by 32.9% in the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after acquiring an additional 210 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CVX. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and increased their target price for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Raymond James dropped their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a research note on Monday, January 30th. Cowen decreased their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Truist Financial raised their price objective on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Finally, Barclays upped their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Chevron presently has an average 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 company’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 sale, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Chevron Price Performance

Chevron 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 P/E/G ratio of 0.81 and a beta of 1.16. The stock’s 50 day moving average is $164.18 and its 200 day moving average is $169.66. 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.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same quarter last year, the firm posted $2.56 EPS. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 14.56 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

Chevron declared that its board has initiated a share repurchase program on Wednesday, January 25th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 21.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Chevron Company Profile

(Get Rating)

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.