Chevron Co. (NYSE:CVX) Shares Sold by Baugh & Associates LLC

Posted by Defense World Staff on Apr 11th, 2023

Baugh & Associates LLC lowered its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 15.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,642 shares of the oil and gas company’s stock after selling 4,631 shares during the period. Chevron makes up 3.0% of Baugh & Associates LLC’s holdings, making the stock its 16th biggest holding. Baugh & Associates LLC’s holdings in Chevron were worth $4,602,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. New England Asset Management Inc. increased its holdings in Chevron by 106.3% during the 3rd quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock worth $637,889,000 after purchasing an additional 2,288,050 shares during the period. Legal & General Group Plc increased its stake in shares of 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 worth $1,964,620,000 after buying an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP raised its holdings 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 valued at $1,731,739,000 after acquiring an additional 847,841 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in Chevron by 28.3% in the third quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock worth $499,801,000 after acquiring an additional 767,699 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in Chevron by 18.3% during the 3rd quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock worth $653,751,000 after acquiring an additional 703,646 shares in the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CVX shares. Raymond James reduced their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. StockNews.com initiated coverage on Chevron in a report on Thursday, March 16th. They set a “hold” rating for the company. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Cowen cut their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Finally, Piper Sandler lowered their price target on Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Eleven 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 has a consensus rating of “Hold” and an average target price of $189.76.

Insider Activity at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the firm’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 completion of the sale, 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 can be accessed through this hyperlink. 0.32% of the stock is currently owned by insiders.

Chevron Trading Up 0.4 %

NYSE CVX opened at $168.29 on Tuesday. The firm’s fifty day moving average is $163.83 and its two-hundred day moving average is $170.02. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. 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 PE ratio of 9.21, a P/E/G ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The company had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same quarter last year, the firm earned $2.56 EPS. The business’s revenue was up 17.1% on a year-over-year basis. Analysts expect that Chevron Co. will post 14.56 earnings per share 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 issued a dividend of $1.51 per share. The ex-dividend date of this dividend was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.59%. Chevron’s dividend payout ratio (DPR) is currently 33.04%.

Chevron declared that its board has initiated a stock buyback program on Wednesday, January 25th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

About Chevron

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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.