Chevron Co. (NYSE:CVX) Shares Acquired by Grimes & Company Inc.

Posted by Defense World Staff on Apr 7th, 2023

Grimes & Company Inc. raised its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,371 shares of the oil and gas company’s stock after acquiring an additional 3,506 shares during the quarter. Grimes & Company Inc.’s holdings in Chevron were worth $7,605,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in CVX. New England Asset Management Inc. boosted its position in shares of Chevron by 106.3% during the 3rd quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after acquiring an additional 2,288,050 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Chevron by 16.3% in the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after purchasing an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Chevron by 7.6% in the 3rd 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 purchasing an additional 847,841 shares during the period. Neuberger Berman Group LLC boosted its position in shares of Chevron by 28.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock valued at $499,801,000 after purchasing an additional 767,699 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Chevron by 18.3% in the 3rd quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock valued at $653,751,000 after purchasing an additional 703,646 shares during the period. 69.37% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of CVX stock opened at $167.65 on Friday. The company has a market cap of $319.65 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16. 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 12-month low of $132.54 and a 12-month high of $189.68. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX – Get Rating) last issued its 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 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 company posted $2.56 earnings per share. The business’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities analysts forecast that Chevron Co. will post 14.56 EPS for the current year.

Chevron Increases Dividend

The company 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 is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

Chevron declared that its board has authorized a stock repurchase program on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 21.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVX. Wells Fargo & Company decreased their target price on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a research report on Tuesday. Cowen decreased their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Barclays upped their price objective on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. Finally, Morgan Stanley reduced their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research note on Monday, March 27th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $189.76.

Insider Activity at Chevron

In related 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 completion of the transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is currently owned by company insiders.

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.