Princeton Capital Management LLC Raises Stock Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 16th, 2023

Princeton Capital Management LLC raised its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 19.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,370 shares of the oil and gas company’s stock after purchasing an additional 546 shares during the quarter. Princeton Capital Management LLC’s holdings in Chevron were worth $605,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CVX. Narwhal Capital Management grew its position in shares of Chevron by 0.4% in the 4th quarter. Narwhal Capital Management now owns 35,788 shares of the oil and gas company’s stock worth $6,424,000 after buying an additional 160 shares during the period. Echo45 Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter worth about $231,000. HighTower Trust Company N.A. grew its position in shares of Chevron by 5.3% in the 4th quarter. HighTower Trust Company N.A. now owns 74,191 shares of the oil and gas company’s stock worth $13,130,000 after buying an additional 3,757 shares during the period. Relaxing Retirement Coach purchased a new stake in shares of Chevron in the 4th quarter worth about $232,000. Finally, Burleson & Company LLC grew its position in shares of Chevron by 5.6% in the 4th quarter. Burleson & Company LLC now owns 13,495 shares of the oil and gas company’s stock worth $2,422,000 after buying an additional 716 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CVX. Raymond James reduced their target price 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. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their price target for the stock from $195.00 to $200.00 in a research note on Thursday. BNP Paribas upgraded shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a research note on Tuesday, April 4th. Mizuho reiterated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research note on Tuesday, April 11th. Finally, Barclays upped their price target on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Ten analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $191.11.

Insider Buying and Selling

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

Chevron Price Performance

NYSE CVX opened at $172.44 on Friday. Chevron Co. has a 52 week low of $132.54 and a 52 week high of $189.68. The firm has a market capitalization of $326.71 billion, a P/E ratio of 9.43, a PEG ratio of 0.83 and a beta of 1.16. 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 company has a 50-day moving average price of $163.82 and a 200-day moving average price of $170.63.

Chevron (NYSE:CVX – Get Rating) last released its quarterly 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). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. During the same period in the previous year, the company earned $2.56 EPS. Chevron’s revenue for the quarter was up 17.1% compared to the same quarter last year. Equities research analysts anticipate that Chevron Co. will post 14.48 earnings per share for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.50%. This is a positive change from Chevron’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron’s dividend payout ratio is currently 33.04%.

Chevron announced that its board has initiated a stock buyback program 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 purchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Chevron Profile

(Get Rating)

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.