Chevron Co. (NYSE:CVX) is James Investment Research Inc.’s 6th Largest Position

Posted by Defense World Staff on Apr 14th, 2023

James Investment Research Inc. trimmed its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,484 shares of the oil and gas company’s stock after selling 3,025 shares during the quarter. Chevron accounts for approximately 2.1% of James Investment Research Inc.’s investment portfolio, making the stock its 6th largest position. James Investment Research Inc.’s holdings in Chevron were worth $15,344,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Worth Asset Management LLC bought a new position in Chevron in the first quarter worth about $36,000. JDM Financial Group LLC bought a new position in Chevron in the fourth quarter worth about $42,000. Global Wealth Strategies & Associates bought a new position in Chevron in the fourth quarter worth about $46,000. Orion Capital Management LLC raised its holdings in Chevron by 32.9% in the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its holdings in Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 210 shares in the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CVX shares. Raymond James cut their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. Morgan Stanley cut their price objective on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Wells Fargo & Company cut their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Truist Financial upped their target price on Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $195.00 to $200.00 in a research report on Thursday. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $191.11.

Chevron Stock Up 1.3 %

NYSE CVX opened at $172.09 on Friday. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $163.70 and its 200-day simple moving average is $170.19. The firm has a market cap of $328.12 billion, a PE ratio of 9.41, a P/E/G ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). The company had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.56 earnings per share. As a group, equities analysts anticipate that Chevron Co. will post 14.37 earnings per share for the current year.

Chevron declared that its Board of Directors has approved a share 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 purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given a $1.51 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.51%. The ex-dividend date was Wednesday, February 15th. Chevron’s payout ratio is currently 33.04%.

About Chevron

(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.