Stiles Financial Services Inc Sells 179 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 11th, 2023

Stiles Financial Services Inc decreased its position in Chevron Co. (NYSE:CVX – Get Rating) by 3.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,603 shares of the oil and gas company’s stock after selling 179 shares during the period. Stiles Financial Services Inc’s holdings in Chevron were worth $826,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisor L.P grew its stake in shares of Chevron by 85.1% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after purchasing an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC lifted its holdings in Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 1,476 shares during the period. GQG Partners LLC grew its position in shares of Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after buying an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC increased its stake in shares of Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after buying an additional 1,770 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after acquiring an additional 250,840 shares in the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Morgan Stanley cut their price target on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Cowen reduced their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Mizuho restated a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a report on Friday, March 17th. Piper Sandler reduced their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Finally, StockNews.com began coverage on Chevron in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron currently has an average rating of “Hold” and an average target price of $189.76.

Insider Activity at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is currently owned by insiders.

Chevron Stock Up 0.4 %

NYSE:CVX opened at $168.29 on Tuesday. 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 $320.87 billion, a P/E ratio of 9.21, a P/E/G ratio of 0.81 and a beta of 1.16. 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 simple moving average of $163.83 and a two-hundred day simple moving average of $170.02.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data 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). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter in the previous year, the firm earned $2.56 earnings per share. Chevron’s revenue was up 17.1% on a year-over-year basis. Analysts predict 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 issued a dividend of $1.51 per share. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio is presently 33.04%.

Chevron declared that its board has authorized a stock repurchase 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 repurchase up to 21.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.