Planned Solutions Inc. Raises Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 8th, 2023

Planned Solutions Inc. grew its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 7.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,816 shares of the oil and gas company’s stock after purchasing an additional 185 shares during the quarter. Planned Solutions Inc.’s holdings in Chevron were worth $505,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. ICW Investment Advisors LLC lifted its position in shares of Chevron by 0.5% during the third quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock worth $1,570,000 after purchasing an additional 55 shares during the last quarter. AJ Wealth Strategies LLC lifted its position in shares of Chevron by 1.8% during the fourth quarter. AJ Wealth Strategies LLC now owns 3,092 shares of the oil and gas company’s stock worth $555,000 after purchasing an additional 56 shares during the last quarter. Childress Capital Advisors LLC lifted its position in shares of Chevron by 0.8% during the third quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock worth $1,051,000 after purchasing an additional 57 shares during the last quarter. Howard Capital Management Group LLC lifted its position in shares of Chevron by 3.3% during the fourth quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock worth $322,000 after purchasing an additional 57 shares during the last quarter. Finally, Klingman & Associates LLC lifted its position in shares of Chevron by 1.6% during the third quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock worth $537,000 after purchasing an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. StockNews.com started coverage on Chevron in a research report on Thursday, March 16th. They set a “hold” rating for the company. Piper Sandler dropped their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target for the company in a report on Tuesday. Finally, Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and upped their price target for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $189.76.

Insider Buying and Selling at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the business’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 sale, the vice president now directly owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.32% of the stock is owned by corporate insiders.

Chevron Trading Down 1.3 %

Chevron 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 stock has a market capitalization of $319.65 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.82 and a beta of 1.16. The firm has a 50 day simple moving average of $163.94 and a 200-day simple moving average of $169.73. 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 (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 the consensus estimate of $4.16 by ($0.07). The firm had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.56 earnings per share. As a group, equities research analysts expect that Chevron Co. will post 14.56 EPS for the current fiscal 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 given a $1.51 dividend. The ex-dividend date was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.60%. Chevron’s payout ratio is 33.04%.

Chevron announced that its Board of Directors has authorized a share buyback program on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 21.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.