Castle Rock Wealth Management LLC Has $17.36 Million Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 16th, 2023

Castle Rock Wealth Management LLC lessened its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 92,420 shares of the oil and gas company’s stock after selling 118 shares during the quarter. Chevron makes up 7.8% of Castle Rock Wealth Management LLC’s portfolio, making the stock its biggest position. Castle Rock Wealth Management LLC’s holdings in Chevron were worth $17,356,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at $674,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Chevron Trading Up 0.2 %

Shares of NYSE:CVX opened at $172.44 on Friday. 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. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. The stock’s 50-day simple moving average is $163.82 and its two-hundred day simple moving average is $170.63. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68.

Chevron (NYSE:CVX – Get Rating) last announced its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). The firm had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.56 earnings per share. Analysts expect that Chevron Co. will post 14.48 EPS for the current year.

Chevron declared that its board has authorized a share buyback plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Chevron Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wells Fargo & Company decreased their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Mizuho restated a “neutral” rating and set a $206.00 price target on shares of Chevron in a report on Tuesday, April 11th. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and raised their price target for the company from $190.00 to $191.00 in a report on Friday, January 6th. Morgan Stanley reduced their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a report on Monday, March 27th. Finally, Truist Financial raised their price target on Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, April 11th. Ten investment 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, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $191.11.

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.