Archford Capital Strategies LLC Purchases 571 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 9th, 2023

Archford Capital Strategies LLC raised its position in Chevron Co. (NYSE:CVX – Get Rating) by 8.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,280 shares of the oil and gas company’s stock after acquiring an additional 571 shares during the quarter. Archford Capital Strategies LLC’s holdings in Chevron were worth $1,307,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after acquiring an additional 189,762 shares during the period. Legal & General Group Plc grew its holdings in 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 during the period. Dimensional Fund Advisors LP increased its position in Chevron by 7.6% in the third 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 buying an additional 847,841 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Chevron by 1.6% in the third quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock worth $1,430,026,000 after buying an additional 155,955 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Chevron by 4.1% during the 3rd 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 buying an additional 309,277 shares in the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Down 1.3 %

CVX stock opened at $167.65 on Friday. 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 50-day moving average of $163.94 and a two-hundred day moving average of $169.83. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The company has a market cap of $319.65 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.81 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 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 company had revenue of $56.47 billion for 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 was up 17.1% on a year-over-year basis. As a group, analysts forecast that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company 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 boost from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.60%. Chevron’s dividend payout ratio is 33.04%.

Chevron declared that its board has authorized a share repurchase 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 often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and increased their target price for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Cowen lowered their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. StockNews.com initiated coverage on shares of Chevron in a report on Thursday, March 16th. They issued a “hold” rating for the company. Wells Fargo & Company lowered their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Finally, Barclays increased their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $189.76.

Insider Transactions at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.32% of the company’s stock.

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.