Chevron Co. (NYSE:CVX) Shares Acquired by Wedgewood Investors Inc. PA

Posted by Defense World Staff on Apr 8th, 2023

Wedgewood Investors Inc. PA boosted its position in Chevron Co. (NYSE:CVX – Get Rating) by 12.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,244 shares of the oil and gas company’s stock after purchasing an additional 592 shares during the quarter. Chevron comprises approximately 1.2% of Wedgewood Investors Inc. PA’s investment portfolio, making the stock its 24th largest position. Wedgewood Investors Inc. PA’s holdings in Chevron were worth $941,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Good Life Advisors LLC raised its stake in Chevron by 2.6% in the 3rd quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock valued at $4,031,000 after purchasing an additional 719 shares during the last quarter. Mayflower Financial Advisors LLC raised its stake in Chevron by 1.6% in the 4th quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock valued at $16,533,000 after purchasing an additional 1,453 shares during the last quarter. M&R Capital Management Inc. grew its holdings in Chevron by 9.8% in the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock valued at $1,361,000 after buying an additional 674 shares in the last quarter. Sage Mountain Advisors LLC grew its holdings in Chevron by 77.1% in the 2nd quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock valued at $875,000 after buying an additional 2,632 shares in the last quarter. Finally, CapWealth Advisors LLC grew its holdings in Chevron by 0.6% in the 3rd quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock valued at $24,959,000 after buying an additional 1,097 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

CVX opened at $167.65 on Friday. The stock’s 50-day moving average price is $163.94 and its 200 day moving average price is $169.73. 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. The firm has a market cap of $319.65 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.82 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results 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 firm had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the previous year, the company posted $2.56 EPS. Chevron’s revenue was up 17.1% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a dividend of $1.51 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.60%. Chevron’s dividend payout ratio is presently 33.04%.

Chevron announced that its board has initiated a share repurchase plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have issued reports on CVX shares. StockNews.com started coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Barclays upped their target price on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a report on Tuesday. Cowen dropped their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Finally, Raymond James dropped their target price on Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Chevron has an average rating of “Hold” and an average price target of $189.76.

Insider Buying and Selling

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 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 Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by corporate insiders.

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.