Chevron Co. (NYSE:CVX) Stake Boosted by Inspire Advisors LLC

Posted by Defense World Staff on Apr 9th, 2023

Inspire Advisors LLC increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 196.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,246 shares of the oil and gas company’s stock after acquiring an additional 3,478 shares during the period. Chevron comprises approximately 0.2% of Inspire Advisors LLC’s portfolio, making the stock its 19th biggest holding. Inspire Advisors LLC’s holdings in Chevron were worth $942,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Worth Asset Management LLC acquired a new position in shares of Chevron during the 1st quarter worth $36,000. JDM Financial Group LLC bought a new stake in Chevron in the fourth quarter worth $42,000. Global Wealth Strategies & Associates acquired a new position in Chevron during the fourth quarter worth $46,000. Orion Capital Management LLC raised its holdings in 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 buying an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its position in shares of Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after buying an additional 210 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on Chevron in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Mizuho reissued a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research report on Friday, March 17th. Wells Fargo & Company decreased their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Piper Sandler dropped their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Finally, BNP Paribas upgraded 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, April 4th. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $189.76.

Chevron Trading Down 1.3 %

Shares of Chevron stock opened at $167.65 on Friday. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The firm has a market capitalization of $319.65 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16. 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 company’s fifty day moving average price is $163.94 and its two-hundred day moving average price is $169.83.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 14.40% and a return on equity of 23.52%. The business’s revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.56 EPS. On average, analysts expect 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. Investors 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. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.60%. Chevron’s payout ratio is currently 33.04%.

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

Insider Buying and Selling at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction 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 owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.

Chevron 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.