Chevron Co. (NYSE:CVX) Shares Bought by Sky Investment Group LLC

Posted by Defense World Staff on Apr 11th, 2023

Sky Investment Group LLC grew its stake in Chevron Co. (NYSE:CVX – Get Rating) by 0.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,351 shares of the oil and gas company’s stock after acquiring an additional 61 shares during the period. Chevron accounts for approximately 2.4% of Sky Investment Group LLC’s holdings, making the stock its 7th largest position. Sky Investment Group LLC’s holdings in Chevron were worth $10,114,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CVX. Good Life Advisors LLC lifted its stake in Chevron by 2.6% in the third quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock valued at $4,031,000 after acquiring an additional 719 shares during the last quarter. Mayflower Financial Advisors LLC raised its holdings in shares of Chevron by 1.6% in the 4th quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock valued at $16,533,000 after purchasing an additional 1,453 shares during the period. M&R Capital Management Inc. lifted its stake in Chevron by 9.8% in the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock valued at $1,361,000 after purchasing an additional 674 shares during the last quarter. Sage Mountain Advisors LLC grew its holdings in Chevron by 77.1% during the second quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock worth $875,000 after purchasing an additional 2,632 shares during the period. Finally, CapWealth Advisors LLC increased its position in Chevron by 0.6% during the third quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after buying an additional 1,097 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of several research analyst reports. Barclays lifted their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Wells Fargo & Company decreased their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Piper Sandler cut their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, December 19th. Finally, Truist Financial upped their price target on shares of Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a research note on Tuesday, January 31st. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $189.76.

Insider Buying and Selling at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the company’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 transaction of $3,343,220.00. Following the completion of the sale, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.32% of the company’s stock.

Chevron Trading Up 0.4 %

Shares of CVX stock opened at $168.29 on Tuesday. The stock has a market cap of $320.87 billion, a P/E ratio of 9.21, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16. Chevron Co. has a 1 year low of $132.54 and a 1 year high of $189.68. 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 stock has a 50 day simple moving average of $163.83 and a 200 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 the consensus estimate of $4.16 by ($0.07). The company had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. Chevron’s revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.56 earnings per share. On average, research analysts predict that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.59%. This is an increase from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s dividend payout ratio is presently 33.04%.

Chevron announced that its board has authorized a stock 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 repurchase up to 21.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Chevron Company 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.