Cumberland Advisors Inc. Purchases New Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 14th, 2023

Cumberland Advisors Inc. acquired a new stake in Chevron Co. (NYSE:CVX – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,290 shares of the oil and gas company’s stock, valued at approximately $232,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Cantor Fitzgerald Investment Advisor L.P raised its stake in 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 period. Axiom Financial Strategies LLC raised its stake in 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 period. GQG Partners LLC increased its stake in shares of Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after purchasing an additional 1,813 shares during the period. Lumature Wealth Partners LLC increased its stake 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 valued at $950,000 after acquiring an additional 1,770 shares during the period. Finally, First Trust Advisors LP increased its stake 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 valued at $336,830,000 after acquiring an additional 250,840 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

NYSE:CVX opened at $172.09 on Friday. 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 Co. has a 12 month low of $132.54 and a 12 month 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 company’s 50-day moving average price is $163.70 and its two-hundred day moving average price is $170.19.

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 analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same quarter last year, the firm earned $2.56 earnings per share. Chevron’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities analysts anticipate that Chevron Co. will post 14.37 EPS for the current fiscal year.

Chevron Increases Dividend

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

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CVX shares. Morgan Stanley reduced their target price on shares of Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a report on Monday, March 27th. Truist Financial lifted their target price on shares of Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a research note on Tuesday. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a research note on Tuesday, April 4th. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $195.00 to $200.00 in a research note on Thursday. Finally, Wells Fargo & Company cut their price target 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. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $191.11.

Insiders Place Their Bets

In related news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.32% of the company’s stock.

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.