IFG Advisory LLC Sells 209 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 16th, 2023

IFG Advisory LLC trimmed its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,403 shares of the oil and gas company’s stock after selling 209 shares during the quarter. IFG Advisory LLC’s holdings in Chevron were worth $2,046,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 1.3% during the first 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 purchasing an additional 189,762 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Chevron by 7.6% in the 3rd 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 acquiring an additional 847,841 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Chevron by 1.6% in the 3rd 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 acquiring an additional 155,955 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Chevron by 4.1% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 7,762,782 shares of the oil and gas company’s stock worth $1,115,281,000 after acquiring an additional 309,277 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in shares of Chevron by 0.8% in the 3rd quarter. Fisher Asset Management LLC now owns 6,792,458 shares of the oil and gas company’s stock worth $975,872,000 after acquiring an additional 52,663 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of Chevron stock opened at $172.44 on Friday. The firm has a fifty day moving average of $163.82 and a two-hundred day moving average of $170.63. The stock has a market capitalization of $326.71 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 0.83 and a beta of 1.16. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47.

Chevron (NYSE:CVX – Get Rating) last issued its 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 business 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%. The business’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.56 EPS. As a group, equities research analysts predict that Chevron Co. will post 14.48 EPS for the current year.

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

Chevron Increases Dividend

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

Insider Buying and Selling at Chevron

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays boosted their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Cowen reduced their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $190.00 to $191.00 in a report on Friday, January 6th. StockNews.com started coverage on Chevron in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a report on Tuesday, April 4th. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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