ARS Investment Partners LLC Trims Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 8th, 2023

ARS Investment Partners LLC trimmed its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 17.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 69,551 shares of the oil and gas company’s stock after selling 14,840 shares during the quarter. Chevron makes up about 1.7% of ARS Investment Partners LLC’s portfolio, making the stock its 23rd biggest position. ARS Investment Partners LLC’s holdings in Chevron were worth $12,484,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CVX. New England Asset Management Inc. increased its holdings in 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 purchasing an additional 2,288,050 shares during the period. Legal & General Group Plc increased its holdings in Chevron by 16.3% during the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock worth $1,964,620,000 after purchasing an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP increased its holdings in Chevron by 7.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after purchasing an additional 847,841 shares during the period. Neuberger Berman Group LLC increased its holdings in Chevron by 28.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock worth $499,801,000 after purchasing an additional 767,699 shares during the period. Finally, California Public Employees Retirement System increased its holdings in Chevron by 18.3% during the 3rd quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock worth $653,751,000 after purchasing an additional 703,646 shares during the period. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CVX. Morgan Stanley reduced their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Mizuho reiterated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a report on Friday, March 17th. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a report on Tuesday. Truist Financial lifted their price target on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Finally, Piper Sandler cut their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Eleven 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 company currently has a consensus rating of “Hold” and an average target price of $189.76.

Chevron Stock Down 1.3 %

Chevron stock opened at $167.65 on Friday. The business has a fifty day moving average price of $163.94 and a 200-day moving average price of $169.73. Chevron Co. has a 1-year low of $132.54 and a 1-year 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 stock has a market capitalization 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 issued its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 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 for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the prior year, the firm posted $2.56 EPS. The business’s revenue was up 17.1% compared to the same quarter last year. Equities research analysts forecast that Chevron Co. will post 14.56 EPS for the current fiscal year.

Chevron Increases Dividend

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

Chevron declared that its Board of Directors has initiated a stock buyback plan 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 buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

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