Northeast Investment Management Purchases 7,295 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 11th, 2023

Northeast Investment Management lifted its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 6.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,433 shares of the oil and gas company’s stock after purchasing an additional 7,295 shares during the quarter. Chevron accounts for 1.3% of Northeast Investment Management’s portfolio, making the stock its 28th largest position. Northeast Investment Management’s holdings in Chevron were worth $20,898,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Worth Asset Management LLC bought a new stake in Chevron during the 1st quarter worth approximately $36,000. JDM Financial Group LLC bought a new stake in shares of Chevron during the fourth quarter worth $42,000. Global Wealth Strategies & Associates acquired a new stake in shares of Chevron during the fourth quarter worth $46,000. Orion Capital Management LLC lifted its position in Chevron by 32.9% in the 4th quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted 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 worth $54,000 after purchasing an additional 210 shares during the period. Institutional investors and hedge funds own 69.37% of the company’s stock.

Insider Buying and Selling

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction on Tuesday, February 7th. The stock was 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 can be accessed through this link. 0.32% of the stock is currently owned by insiders.

Chevron Stock Performance

CVX opened at $168.29 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The business has a 50 day moving average of $163.83 and a 200-day moving average of $170.02. The stock has a market cap of $320.87 billion, a price-to-earnings ratio of 9.21, a PEG ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last announced 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 business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the prior year, the business earned $2.56 EPS. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities research analysts expect that Chevron Co. will post 14.56 earnings per share for the current year.

Chevron declared that its board has approved a share repurchase 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 repurchase up to 21.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Chevron Increases Dividend

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley dropped their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a research note on Monday, March 27th. StockNews.com assumed coverage on Chevron in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Truist Financial raised their price target on shares of Chevron from $169.00 to $179.00 and gave the stock a “hold” rating in a research note on Tuesday, January 31st. Barclays boosted their price objective on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Finally, Cowen decreased their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of “Hold” and an average target price of $189.76.

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.