Guardian Wealth Advisors LLC increased its position in Chevron Co. (NYSE:CVX – Get Rating) by 6.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,842 shares of the oil and gas company’s stock after buying an additional 290 shares during the period. Chevron comprises 0.8% of Guardian Wealth Advisors LLC’s portfolio, making the stock its 20th largest holding. Guardian Wealth Advisors LLC’s holdings in Chevron were worth $869,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Worth Asset Management LLC acquired a new position in shares of Chevron in the 1st quarter valued at $36,000. Red Tortoise LLC acquired a new position in Chevron in the fourth quarter valued at $37,000. JDM Financial Group LLC purchased a new stake in Chevron during the fourth quarter valued at about $42,000. Luken Investment Analytics LLC acquired a new stake in Chevron during the fourth quarter worth about $45,000. Finally, Global Wealth Strategies & Associates purchased a new position in shares of Chevron in the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 69.37% of the company’s stock.
Analyst Ratings Changes
A number of analysts have recently issued reports on CVX shares. Barclays boosted their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $190.00 to $191.00 in a research report on Friday, January 6th. Truist Financial lifted their target price on shares of Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, April 11th. Wells Fargo & Company lowered their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Finally, Morgan Stanley reduced their price objective 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. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $193.50.
Chevron Trading Down 0.4 %
Chevron (NYSE:CVX – Get Rating) last released 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 analyst estimates of $53.97 billion. During the same period in the prior year, the firm earned $2.56 EPS. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, analysts predict that Chevron Co. will post 14.39 EPS for the current year.
Chevron Increases Dividend
The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.57%. 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 is presently 33.04%.
Chevron announced that its board has authorized a share buyback plan on Wednesday, January 25th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 21.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
Insider Activity at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the transaction, the vice president now owns 3,967 shares in the company, valued at $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.32% of the company’s stock.
About Chevron
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.
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