Lineweaver Wealth Advisors LLC Sells 119 Shares of Chevron Co. (NYSE:CVX)

Posted by on Apr 9th, 2023

Lineweaver Wealth Advisors LLC reduced its position in Chevron Co. (NYSE:CVX – Get Rating) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,245 shares of the oil and gas company’s stock after selling 119 shares during the quarter. Lineweaver Wealth Advisors LLC’s holdings in Chevron were worth $1,121,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Worth Asset Management LLC bought a new stake in Chevron during the first quarter valued at $36,000. JDM Financial Group LLC bought a new stake in shares of Chevron during the 4th quarter valued at about $42,000. Global Wealth Strategies & Associates bought a new stake in shares of Chevron during the 4th quarter valued at about $46,000. Orion Capital Management LLC increased its holdings in Chevron by 32.9% in the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its stake in Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 210 shares during the period. 69.37% of the stock is owned by institutional investors.

Chevron Price Performance

CVX opened at $167.65 on Friday. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The firm has a 50-day moving average of $163.94 and a 200 day moving average of $169.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. The firm has a market cap of $319.65 billion, a P/E 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 data 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). The firm had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. Chevron’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.56 EPS. On average, research analysts expect that Chevron Co. will post 14.56 EPS for the current year.

Chevron Increases Dividend

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

Chevron declared that its board has authorized a share buyback plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Barclays increased their target price on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a research report on Tuesday, April 4th. StockNews.com initiated coverage on Chevron in a research report on Thursday, March 16th. They issued a “hold” rating for the company. 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. Finally, Truist Financial boosted their price objective on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Hold” and a consensus target price of $189.76.

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 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 owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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