MV Capital Management Inc. Buys 59 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 13th, 2023

MV Capital Management Inc. increased its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,962 shares of the oil and gas company’s stock after purchasing an additional 59 shares during the period. MV Capital Management Inc.’s holdings in Chevron were worth $352,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. New England Asset Management Inc. boosted its stake in shares of Chevron by 106.3% during the third quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock valued at $637,889,000 after purchasing an additional 2,288,050 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Chevron by 28.3% during the third quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock valued at $499,801,000 after purchasing an additional 767,699 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Chevron by 18.3% during the third quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock valued at $653,751,000 after purchasing an additional 703,646 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Chevron by 70.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,462,423 shares of the oil and gas company’s stock valued at $262,490,000 after purchasing an additional 605,811 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.

Insider Activity at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the sale, the vice president now owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CVX shares. StockNews.com started coverage on shares of Chevron in a research report on Thursday, March 16th. They set a “hold” rating for the company. Raymond James decreased their target price on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a research report on Monday, January 30th. 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. Morgan Stanley decreased their target price on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Finally, Piper Sandler decreased their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $190.59.

Chevron Stock Up 0.4 %

NYSE:CVX opened at $169.82 on Thursday. The firm has a market capitalization of $323.79 billion, a P/E ratio of 9.29, a PEG ratio of 0.81 and a beta of 1.16. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The company’s fifty day moving average price is $163.73 and its 200-day moving average price is $170.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23.

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 analysts’ consensus estimates of $4.16 by ($0.07). The business had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.56 EPS. As a group, equities research analysts anticipate that Chevron Co. will post 14.56 EPS for the current year.

Chevron announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding 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 typically an indication that the company’s leadership believes its shares are undervalued.

Chevron Increases Dividend

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

Chevron Company Profile

(Get Rating)

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.