Echo45 Advisors LLC Invests $231,000 in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 16th, 2023

Echo45 Advisors LLC acquired a new position in Chevron Co. (NYSE:CVX – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,287 shares of the oil and gas company’s stock, valued at approximately $231,000.

A number of other institutional investors have also made changes to their positions in the business. Worth Asset Management LLC acquired a new position in Chevron during the first quarter worth $36,000. JDM Financial Group LLC acquired a new position in Chevron during the fourth quarter worth $42,000. Global Wealth Strategies & Associates acquired a new position in Chevron during the fourth quarter worth $46,000. Orion Capital Management LLC increased its holdings in Chevron by 32.9% during the fourth quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock worth $53,000 after buying an additional 73 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its holdings in Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after buying an additional 210 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Insider Buying and Selling

In other news, VP Rhonda J. Morris sold 19,666 shares of the firm’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 value of $3,343,220.00. Following the sale, the vice president now directly 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 at the SEC website. 0.32% of the stock is currently owned by company insiders.

Chevron Trading Up 0.2 %

CVX opened at $172.44 on Friday. Chevron Co. has a twelve month low of $132.54 and a twelve month high of $189.68. The company has a 50-day simple moving average of $163.82 and a 200 day simple moving average of $170.63. 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 stock has a market capitalization of $326.71 billion, a price-to-earnings ratio of 9.43, a P/E/G ratio of 0.83 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data 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). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. During the same period in the prior year, the company earned $2.56 EPS. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. Analysts predict that Chevron Co. will post 14.48 EPS for the current fiscal year.

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

Chevron Increases Dividend

The company 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. 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 yield of 3.50%. Chevron’s dividend payout ratio is currently 33.04%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CVX shares. Bank of America downgraded shares of 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. Cowen decreased their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Mizuho reiterated a “neutral” rating and issued a $206.00 price objective on shares of Chevron in a report on Tuesday, April 11th. Wells Fargo & Company decreased their price objective 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. Finally, Piper Sandler decreased their price objective on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. Ten analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average 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.