Flputnam Investment Management Co. Raises Stock Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 16th, 2023

Flputnam Investment Management Co. increased its stake in Chevron Co. (NYSE:CVX – Get Rating) by 2.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,093 shares of the oil and gas company’s stock after purchasing an additional 1,012 shares during the quarter. Flputnam Investment Management Co.’s holdings in Chevron were worth $8,991,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Charles Schwab Investment Management Inc. raised its position in Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after acquiring an additional 189,762 shares during the period. Dimensional Fund Advisors LP raised its position in Chevron by 7.6% in the third 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 during the period. Nuveen Asset Management LLC raised its position in Chevron by 1.6% in the third 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 during the period. Price T Rowe Associates Inc. MD raised its position in Chevron by 4.1% in the third 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 during the period. Finally, Fisher Asset Management LLC raised its position in Chevron by 0.8% in the third 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 during the period. Hedge funds and other 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 Chevron 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 transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Chevron Stock Performance

Shares of 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 stock 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 firm has a fifty day simple moving average of $163.82 and a two-hundred 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.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $53.97 billion. During the same period in the previous year, the business earned $2.56 earnings per share. The business’s quarterly revenue was up 17.1% on a year-over-year basis. On average, analysts expect that Chevron Co. will post 14.48 earnings per share for the current fiscal year.

Chevron declared that its board has approved a share repurchase program on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Chevron Increases Dividend

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

Analysts Set New Price Targets

Several research analysts have weighed in on CVX shares. Mizuho reiterated a “neutral” rating and issued a $206.00 price target on shares of Chevron in a research report on Tuesday, April 11th. Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating and raised their price objective for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Barclays raised their price objective on shares of Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. Raymond James decreased their price objective 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. Finally, 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 research report on Thursday, March 2nd. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $191.11.

Chevron Company 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.