GEM Asset Management LLC Purchases Shares of 3,312 Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 14th, 2023

GEM Asset Management LLC purchased a new stake in Chevron Co. (NYSE:CVX – Get Rating) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,312 shares of the oil and gas company’s stock, valued at approximately $595,000.

Other hedge funds also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisor L.P grew its position in shares of Chevron by 85.1% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after acquiring an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC grew its position in shares of Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares during the last quarter. GQG Partners LLC grew its position in shares of Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after acquiring an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC grew its position in shares of Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after acquiring an additional 250,840 shares during the last quarter. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CVX shares. Barclays raised their target price on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. StockNews.com started coverage on Chevron in a report on Thursday, March 16th. They set a “hold” rating for the company. Mizuho reaffirmed a “neutral” rating and set a $206.00 price target on shares of Chevron in a report on Tuesday. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target for the company in a report on Tuesday, April 4th. Finally, Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and increased their price target for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $191.11.

Chevron Stock Up 1.3 %

CVX opened at $172.09 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The stock has a market capitalization of $328.12 billion, a price-to-earnings ratio of 9.41, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16. The business has a 50-day moving average of $163.70 and a two-hundred day moving average of $170.19. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68.

Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). The company had revenue of $56.47 billion for 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 business’s revenue was up 17.1% on a year-over-year basis. During the same period last year, the firm posted $2.56 earnings per share. On average, research analysts expect that Chevron Co. will post 14.37 earnings per share for the current year.

Chevron declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 25th that allows the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase 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.

Chevron Increases Dividend

The business 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. The ex-dividend date of this dividend was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.51%. Chevron’s payout ratio is 33.04%.

Chevron Company 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.