Chevron Co. (NYSE:CVX) Shares Sold by Ellis Investment Partners LLC

Posted by Defense World Staff on Apr 16th, 2023

Ellis Investment Partners LLC lessened its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 4.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,493 shares of the oil and gas company’s stock after selling 221 shares during the period. Ellis Investment Partners LLC’s holdings in Chevron were worth $806,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. ICW Investment Advisors LLC lifted its stake in shares of Chevron by 0.5% in the 3rd quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock valued at $1,570,000 after purchasing an additional 55 shares during the last quarter. AJ Wealth Strategies LLC lifted its stake in shares of Chevron by 1.8% in the 4th quarter. AJ Wealth Strategies LLC now owns 3,092 shares of the oil and gas company’s stock valued at $555,000 after purchasing an additional 56 shares during the last quarter. Childress Capital Advisors LLC lifted its stake in shares of Chevron by 0.8% in the 3rd quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock valued at $1,051,000 after purchasing an additional 57 shares during the last quarter. Howard Capital Management Group LLC lifted its stake in shares of Chevron by 3.3% in the 4th quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock valued at $322,000 after purchasing an additional 57 shares during the last quarter. Finally, Klingman & Associates LLC lifted its stake in shares of Chevron by 1.6% in the 3rd quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock valued at $537,000 after purchasing an additional 58 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Barclays upped their price target on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $195.00 to $200.00 in a research note on Thursday. Morgan Stanley decreased their target price on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a research note on Monday, March 27th. Cowen decreased their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Finally, Mizuho reissued a “neutral” rating and set a $206.00 target price on shares of Chevron in a research note on Tuesday, April 11th. Ten analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average price target of $191.11.

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron 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 transaction, the vice president now owns 3,967 shares of the company’s stock, valued at $674,390. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.32% of the stock is currently owned by corporate insiders.

Chevron Price Performance

Shares of NYSE CVX 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. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The firm has a market capitalization of $326.71 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 0.83 and a beta of 1.16. The stock’s 50-day simple moving average is $163.82 and its 200-day simple moving average is $170.63.

Chevron (NYSE:CVX – Get Rating) last issued its 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). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period last year, the business posted $2.56 EPS. Chevron’s revenue was up 17.1% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Co. will post 14.48 EPS for the current fiscal 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 given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Wednesday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is 33.04%.

Chevron declared that its board has approved a stock repurchase program 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 buy up to 21.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Chevron 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.