Chevron Co. (NYSE:CVX) Shares Sold by Main Street Financial Solutions LLC

Posted by Defense World Staff on Apr 13th, 2023

Main Street Financial Solutions LLC cut its stake in Chevron Co. (NYSE:CVX – Get Rating) by 69.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,824 shares of the oil and gas company’s stock after selling 8,538 shares during the period. Main Street Financial Solutions LLC’s holdings in Chevron were worth $366,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after purchasing an additional 189,762 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Chevron by 7.6% during 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 purchasing an additional 847,841 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Chevron by 1.6% during the third quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock valued at $1,430,026,000 after purchasing an additional 155,955 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Chevron by 4.1% during the third quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock valued at $1,115,281,000 after purchasing an additional 309,277 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in shares of Chevron by 0.8% during the third quarter. Fisher Asset Management LLC now owns 6,792,458 shares of the oil and gas company’s stock valued at $975,872,000 after purchasing an additional 52,663 shares during the period. 69.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a report on Tuesday, April 4th. Morgan Stanley lowered their target price on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Truist Financial lifted their target price on Chevron from $179.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Finally, Barclays lifted their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and an average price target of $190.59.

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Chevron Trading Up 0.4 %

Shares of NYSE CVX opened at $169.82 on Thursday. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The firm has a market capitalization of $323.79 billion, a PE ratio of 9.29, 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 business has a 50-day moving average price of $163.73 and a two-hundred day moving average price of $170.20.

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 business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same quarter in the previous year, the business posted $2.56 earnings per share. The company’s revenue was up 17.1% compared to the same quarter last year. As a group, analysts predict that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a yield of 3.56%. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

Chevron announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 25th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board 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.