TKG Advisors LLC Grows Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 14th, 2023

TKG Advisors LLC raised its stake in Chevron Co. (NYSE:CVX – Get Rating) by 43.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,057 shares of the oil and gas company’s stock after buying an additional 3,678 shares during the period. Chevron comprises 1.4% of TKG Advisors LLC’s holdings, making the stock its 24th biggest holding. TKG Advisors LLC’s holdings in Chevron were worth $2,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Good Life Advisors LLC boosted its position in Chevron by 2.6% in the 3rd quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock valued at $4,031,000 after buying an additional 719 shares during the period. Mayflower Financial Advisors LLC lifted its position in shares of Chevron by 1.6% in the 4th quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock worth $16,533,000 after purchasing an additional 1,453 shares during the period. M&R Capital Management Inc. lifted its position in shares of Chevron by 9.8% in the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after purchasing an additional 674 shares during the period. CapWealth Advisors LLC lifted its position in shares of Chevron by 0.6% in the 3rd quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after purchasing an additional 1,097 shares during the period. Finally, Joel Isaacson & Co. LLC lifted its position in shares of Chevron by 0.8% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 18,710 shares of the oil and gas company’s stock worth $2,688,000 after purchasing an additional 155 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CVX shares. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target for the company in a research report on Tuesday, April 4th. Wells Fargo & Company lowered their price target on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and upped their price target for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. 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. Finally, Mizuho reissued a “neutral” rating and set a $206.00 target price on shares of Chevron in a research report on Tuesday. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $191.11.

Chevron Trading Up 1.3 %

NYSE:CVX opened at $172.09 on Friday. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The firm has a fifty day simple moving average of $163.70 and a 200-day simple moving average of $170.19. 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 company has a market capitalization of $328.12 billion, a P/E ratio of 9.41, a PEG ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its earnings results 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). 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 analysts’ expectations of $53.97 billion. During the same period last year, the business earned $2.56 EPS. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. On average, equities research analysts anticipate that Chevron Co. will post 14.37 earnings per share for the current year.

Chevron Increases Dividend

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

Chevron announced that its board has approved a share repurchase 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 reacquire up to 21.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction on 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 transaction, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.32% of the stock is owned by corporate insiders.

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.