Chevron Co. (NYSE:CVX) Shares Purchased by Independent Wealth Network Inc.

Posted by Defense World Staff on Apr 8th, 2023

Independent Wealth Network Inc. boosted its stake in Chevron Co. (NYSE:CVX – Get Rating) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,032 shares of the oil and gas company’s stock after purchasing an additional 206 shares during the period. Chevron makes up about 3.0% of Independent Wealth Network Inc.’s investment portfolio, making the stock its 5th biggest holding. Independent Wealth Network Inc.’s holdings in Chevron were worth $4,314,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Worth Asset Management LLC acquired a new stake in shares of Chevron during the first quarter valued at about $36,000. JDM Financial Group LLC acquired a new stake in shares of Chevron during the fourth quarter valued at about $42,000. Global Wealth Strategies & Associates acquired a new stake in shares of Chevron during the fourth quarter valued at about $46,000. Orion Capital Management LLC grew its stake in shares of Chevron by 32.9% during the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its stake in shares of Chevron by 127.3% during 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 in the last quarter. 69.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CVX shares. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and raised their target price for the company from $190.00 to $191.00 in a research note on Friday, January 6th. Piper Sandler reduced their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Cowen reduced their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Truist Financial upped their price target on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research report on Tuesday, January 31st. Finally, BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective for the company in a report on Tuesday. Eleven research analysts have rated the stock with a hold rating and eight have issued 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.

Insider Transactions at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.32% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $167.65 on Friday. Chevron Co. has a 12-month low of $132.54 and a 12-month 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 has a market capitalization of $319.65 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.82 and a beta of 1.16. The business has a 50 day simple moving average of $163.94 and a 200 day simple moving average of $169.73.

Chevron (NYSE:CVX – Get Rating) last released its quarterly 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). The business had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.56 EPS. On average, equities research analysts anticipate that Chevron Co. will post 14.56 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were paid a $1.51 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio is currently 33.04%.

Chevron announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

About Chevron

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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.