Camelot Portfolios LLC Sells 574 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 8th, 2023

Camelot Portfolios LLC reduced its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 25.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,694 shares of the oil and gas company’s stock after selling 574 shares during the quarter. Camelot Portfolios LLC’s holdings in Chevron were worth $304,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after buying an additional 189,762 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Chevron by 16.3% during the second 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 in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Chevron by 7.6% during the third 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 in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Chevron by 1.6% during the third quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock valued at $1,430,026,000 after purchasing an additional 155,955 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Chevron by 4.1% during the third quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock valued at $1,115,281,000 after purchasing an additional 309,277 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CVX shares. Wells Fargo & Company dropped their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Mizuho restated a “neutral” rating and set a $206.00 price target on shares of Chevron in a research report on Friday, March 17th. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Morgan Stanley dropped their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a research report on Monday, March 27th. Finally, Cowen dropped their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $189.76.

Chevron Stock Down 1.3 %

CVX stock opened at $167.65 on Friday. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The business has a fifty day moving average price of $163.94 and a 200-day moving average price 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. The stock has a market capitalization of $319.65 billion, a P/E ratio of 9.17, a P/E/G ratio of 0.82 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share 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 business had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter in the prior year, the firm earned $2.56 EPS. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. Equities analysts forecast that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm 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. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend 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 announced that its board has approved a share repurchase plan on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction on 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 in the company, valued at $674,390. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is owned by company insiders.

Chevron Profile

(Get Rating)

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.