Leisure Capital Management Boosts Stock Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 13th, 2023

Leisure Capital Management boosted its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,937 shares of the oil and gas company’s stock after purchasing an additional 143 shares during the quarter. Leisure Capital Management’s holdings in Chevron were worth $1,425,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after acquiring an additional 189,762 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Chevron by 7.6% during the 3rd 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 boosted its position in Chevron by 1.6% during the 3rd 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 raised its stake in Chevron by 4.1% during the 3rd 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 acquiring an additional 309,277 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in Chevron by 0.8% during the 3rd 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 acquiring an additional 52,663 shares in the last quarter. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

CVX opened at $169.82 on Thursday. The company has a market cap of $323.79 billion, a PE ratio of 9.29, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16. The stock has a 50-day moving average of $163.73 and a 200-day moving average of $170.20. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing the consensus estimate 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 period in the prior year, the firm posted $2.56 EPS. Chevron’s revenue for the quarter was up 17.1% on a year-over-year basis. As a group, equities research analysts forecast 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. 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 dividend yield of 3.56%. The ex-dividend date of this dividend was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is currently 33.04%.

Chevron declared that its board has approved a stock repurchase 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 often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CVX. Wells Fargo & Company dropped their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. 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. Barclays lifted their price target on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Cowen lowered their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Finally, Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and lifted their price target for the company from $190.00 to $191.00 in a report on Friday, January 6th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Hold” and a consensus target price of $190.59.

Insider Buying and Selling

In related news, VP Rhonda J. Morris sold 19,666 shares of the business’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 transaction, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by insiders.

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.