Chevron Co. (NYSE:CVX) Shares Purchased by Raab & Moskowitz Asset Management LLC

Posted by Defense World Staff on Apr 12th, 2023

Raab & Moskowitz Asset Management LLC increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 11.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,115 shares of the oil and gas company’s stock after acquiring an additional 1,671 shares during the period. Chevron comprises 1.1% of Raab & Moskowitz Asset Management LLC’s investment portfolio, making the stock its 26th biggest position. Raab & Moskowitz Asset Management LLC’s holdings in Chevron were worth $2,893,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CVX. Worth Asset Management LLC acquired a new stake in Chevron in the 1st quarter valued at about $36,000. JDM Financial Group LLC acquired a new stake in Chevron in the 4th quarter valued at about $42,000. Global Wealth Strategies & Associates acquired a new stake in Chevron in the 4th quarter valued at about $46,000. Orion Capital Management LLC raised 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 purchasing an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its position 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 purchasing an additional 210 shares in the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Chevron Trading Up 0.6 %

NYSE:CVX opened at $169.22 on Wednesday. The firm has a market cap of $322.65 billion, a P/E ratio of 9.26, a PEG ratio of 0.81 and a beta of 1.16. 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’s 50 day simple moving average is $163.73 and its 200-day simple moving average is $170.20. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68.

Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.56 EPS. Equities analysts anticipate that Chevron Co. will post 14.56 EPS for the current year.

Chevron announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a $1.51 dividend. 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 dividend on an annualized basis and a dividend yield of 3.57%. Chevron’s payout ratio is 33.04%.

Insider Activity at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the firm’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 completion of the sale, the vice president now owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CVX shares. Mizuho reissued a “neutral” rating and set a $206.00 target price on shares of Chevron in a research report on Tuesday. Truist Financial raised their target price on Chevron from $179.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and raised their target price for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. 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. Finally, 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. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Hold” and an average price target of $190.59.

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.