Chevron Co. (NYSE:CVX) Holdings Raised by Signaturefd LLC

Posted by Defense World Staff on Apr 14th, 2023

Signaturefd LLC increased its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 6.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,890 shares of the oil and gas company’s stock after acquiring an additional 1,297 shares during the period. Signaturefd LLC’s holdings in Chevron were worth $3,929,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Worth Asset Management LLC acquired a new position in shares of Chevron during the 1st quarter valued at about $36,000. JDM Financial Group LLC acquired a new position in shares of Chevron during the 4th quarter valued at about $42,000. Global Wealth Strategies & Associates acquired a new stake in Chevron in the 4th quarter valued at approximately $46,000. Orion Capital Management LLC grew its holdings in Chevron by 32.9% in the 4th quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 73 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its holdings in Chevron by 127.3% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 210 shares during the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Barclays raised their target price on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Morgan Stanley cut their target price on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Cowen lowered their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Finally, Raymond James dropped their price objective on Chevron from $215.00 to $212.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $191.11.

Insider Activity

In other news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction 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 owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.32% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $172.09 on Friday. The stock’s fifty day moving average price is $163.70 and its two-hundred day moving average price is $170.19. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. 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 firm has a market cap of $328.12 billion, a PE ratio of 9.41, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly 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 net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. During the same quarter in the previous year, the business posted $2.56 EPS. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 14.37 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were paid a $1.51 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.51%. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

Chevron announced that its board has authorized a stock buyback plan on Wednesday, January 25th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 21.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

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.