Westside Investment Management Inc. Boosts Stock Position in Chevron Co. (NYSE:CVX)

Posted by on Apr 16th, 2023

Westside Investment Management Inc. raised its stake in Chevron Co. (NYSE:CVX – Get Rating) by 26.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,469 shares of the oil and gas company’s stock after purchasing an additional 523 shares during the period. Westside Investment Management Inc.’s holdings in Chevron were worth $17,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cantor Fitzgerald Investment Advisor L.P grew its stake 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 stake 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 stake 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 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 worth $950,000 after acquiring an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP grew 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 worth $336,830,000 after acquiring an additional 250,840 shares during the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Chevron Trading Up 0.2 %

Shares of NYSE:CVX opened at $172.44 on Friday. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The company has a market capitalization of $326.71 billion, a PE ratio of 9.43, a PEG ratio of 0.83 and a beta of 1.16. The business has a 50 day moving average of $163.82 and a two-hundred day moving average of $170.63. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13.

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 (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 company had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same period in the previous year, the firm posted $2.56 earnings per share. The company’s revenue was up 17.1% compared to the same quarter last year. As a group, analysts forecast that Chevron Co. will post 14.48 EPS for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.50%. This is an increase from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio is presently 33.04%.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. Mizuho restated a “neutral” rating and set a $206.00 price target on shares of Chevron in a research note on Tuesday, April 11th. Truist Financial upped their target price on Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a research report on Tuesday, April 11th. StockNews.com initiated coverage on Chevron in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Raymond James dropped their target price on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research report on Monday, January 30th. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $191.11.

Insider Transactions at Chevron

In other 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 transaction of $3,343,220.00. Following the completion of 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 available at this link. Corporate 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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