Telos Capital Management Inc. Sells 1,175 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 12th, 2023

Telos Capital Management Inc. trimmed its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 1.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,899 shares of the oil and gas company’s stock after selling 1,175 shares during the period. Chevron comprises approximately 2.1% of Telos Capital Management Inc.’s holdings, making the stock its 7th largest holding. Telos Capital Management Inc.’s holdings in Chevron were worth $14,162,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. ICW Investment Advisors LLC lifted its stake in Chevron by 0.5% in the 3rd quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock worth $1,570,000 after acquiring an additional 55 shares in the last quarter. AJ Wealth Strategies LLC increased its position in Chevron by 1.8% in the 4th quarter. AJ Wealth Strategies LLC now owns 3,092 shares of the oil and gas company’s stock worth $555,000 after purchasing an additional 56 shares during the last quarter. Childress Capital Advisors LLC increased its position in Chevron by 0.8% in the 3rd quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock worth $1,051,000 after purchasing an additional 57 shares during the last quarter. Howard Capital Management Group LLC increased its position in Chevron by 3.3% in the 4th quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock worth $322,000 after purchasing an additional 57 shares during the last quarter. Finally, Klingman & Associates LLC increased its position in Chevron by 1.6% in the 3rd quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock worth $537,000 after purchasing an additional 58 shares during the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX stock opened at $169.22 on Wednesday. The stock has a 50 day moving average of $163.73 and a two-hundred day moving average of $170.20. The company has a current ratio of 1.47, a quick ratio of 1.23 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 company has a market capitalization of $322.65 billion, a P/E ratio of 9.26, a P/E/G ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 EPS 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 the consensus estimate of $53.97 billion. During the same quarter in the prior year, the business posted $2.56 EPS. Chevron’s revenue was up 17.1% compared to the same quarter last year. As a group, equities analysts expect that Chevron Co. will post 14.56 EPS for the current 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 given a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.57%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is currently 33.04%.

Chevron declared that its board has approved a stock buyback program 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 reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on CVX. Barclays upped their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price on the stock in a research report on Tuesday, April 4th. Piper Sandler dropped their target price on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Truist Financial increased their price objective on Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Morgan Stanley lowered their price objective on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $190.59.

Insiders Place Their Bets

In related news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate 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.