BDO Wealth Advisors LLC Sells 183 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 15th, 2023

BDO Wealth Advisors LLC lowered its stake in Chevron Co. (NYSE:CVX – Get Rating) by 0.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 20,311 shares of the oil and gas company’s stock after selling 183 shares during the quarter. BDO Wealth Advisors LLC’s holdings in Chevron were worth $3,646,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CVX. Charles Schwab Investment Management Inc. raised its holdings in Chevron by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after buying an additional 189,762 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Chevron by 7.6% during the third quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after purchasing an additional 847,841 shares during the period. Nuveen Asset Management LLC grew its stake in shares of Chevron by 1.6% in the third quarter. Nuveen Asset Management LLC now owns 9,953,548 shares of the oil and gas company’s stock worth $1,430,026,000 after purchasing an additional 155,955 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Chevron by 4.1% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock valued at $1,115,281,000 after purchasing an additional 309,277 shares during the period. Finally, Fisher Asset Management LLC raised its position in Chevron by 0.8% during the 3rd quarter. Fisher Asset Management LLC now owns 6,792,458 shares of the oil and gas company’s stock valued at $975,872,000 after purchasing an additional 52,663 shares during the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $172.44 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. The company has a market capitalization of $328.79 billion, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 0.83 and a beta of 1.16. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The company’s 50-day moving average is $163.82 and its 200 day moving average is $170.43.

Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing the consensus estimate of $4.16 by ($0.07). The firm had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. Chevron’s revenue was up 17.1% on a year-over-year basis. During the same period last year, the business earned $2.56 EPS. Sell-side analysts expect that Chevron Co. will post 14.53 EPS for the current fiscal year.

Chevron declared that its board has authorized a stock repurchase 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 purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Chevron Increases Dividend

The firm also recently disclosed 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 was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.50%. Chevron’s dividend payout ratio (DPR) is 33.04%.

Insider Activity at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CVX shares. Cowen cut their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Raymond James reduced their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research report on Monday, January 30th. Piper Sandler dropped their target price on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price on the stock in a research note on Tuesday, April 4th. Finally, Barclays raised their price objective on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $191.11.

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.