Means Investment CO. Inc. Purchases 1,589 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 11th, 2023

Means Investment CO. Inc. raised its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,295 shares of the oil and gas company’s stock after acquiring an additional 1,589 shares during the quarter. Chevron comprises approximately 2.5% of Means Investment CO. Inc.’s holdings, making the stock its 8th largest position. Means Investment CO. Inc.’s holdings in Chevron were worth $12,438,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Worth Asset Management LLC acquired a new stake in Chevron in the 1st quarter worth approximately $36,000. JDM Financial Group LLC bought a new position in shares of Chevron in the fourth quarter valued at approximately $42,000. Global Wealth Strategies & Associates acquired a new stake in shares of Chevron in the fourth quarter worth $46,000. Orion Capital Management LLC boosted its holdings in shares of Chevron by 32.9% during the 4th quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock worth $53,000 after buying an additional 73 shares during the period. Finally, Hillsdale Investment Management Inc. grew its stake in Chevron by 127.3% in the 3rd 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 last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $168.29 on Tuesday. Chevron Co. has a twelve month low of $132.54 and a twelve month high of $189.68. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The stock has a market cap of $320.87 billion, a P/E ratio of 9.21, a PEG ratio of 0.81 and a beta of 1.16. The company’s 50-day simple moving average is $163.83 and its 200 day simple moving average is $170.02.

Chevron (NYSE:CVX – Get Rating) last released 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). 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 the consensus estimate of $53.97 billion. During the same quarter in the prior year, the company posted $2.56 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. As a group, research analysts forecast that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business 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 is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.59%. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio is currently 33.04%.

Chevron declared that its board has approved a share buyback plan on Wednesday, January 25th that permits the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 21.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CVX shares. 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 report on Tuesday, January 31st. Wells Fargo & Company decreased their target price on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Raymond James dropped their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research report on Monday, January 30th. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and increased their price objective for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Finally, Morgan Stanley dropped their target price on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a research report on Monday, March 27th. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target 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 dated 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 approximately $674,390. The transaction was disclosed in a legal filing with the SEC, 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.