Larson Financial Group LLC Sells 685 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 24th, 2023

Larson Financial Group LLC lowered its stake in Chevron Co. (NYSE:CVX – Get Rating) by 12.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,693 shares of the oil and gas company’s stock after selling 685 shares during the quarter. Larson Financial Group LLC’s holdings in Chevron were worth $842,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Worth Asset Management LLC bought a new position in shares of Chevron during the first quarter valued at approximately $36,000. Red Tortoise LLC bought a new position in shares of Chevron during the fourth quarter valued at approximately $37,000. JDM Financial Group LLC bought a new position in shares of Chevron during the fourth quarter valued at approximately $42,000. Luken Investment Analytics LLC purchased a new stake in Chevron in the fourth quarter worth $45,000. Finally, Global Wealth Strategies & Associates purchased a new stake in Chevron in the fourth quarter worth $46,000. Institutional investors own 69.37% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CVX. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price on the stock in a research note on Tuesday, April 4th. StockNews.com began coverage on Chevron in a research report on Thursday, March 16th. They set a “hold” rating on the stock. UBS Group began coverage on Chevron in a research report on Wednesday, April 19th. They set a “buy” rating and a $212.00 price objective on the stock. Truist Financial increased their price objective on Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a research report on Tuesday, April 11th. Finally, Cowen lowered their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $193.50.

Chevron Stock Performance

NYSE:CVX opened at $169.12 on Monday. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The stock has a 50-day moving average price of $163.76 and a 200 day moving average price of $171.47. The stock has a market capitalization of $320.42 billion, a P/E ratio of 9.25, a P/E/G ratio of 0.83 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last released 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). 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 analysts’ expectations of $53.97 billion. During the same quarter in the prior year, the business posted $2.56 EPS. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. Equities research analysts forecast that Chevron Co. will post 14.39 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 3.57%. The ex-dividend date was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is currently 33.04%.

Chevron declared that its board has authorized a stock repurchase plan 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 buy up to 21.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the firm’s 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 completion of the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is currently owned by company insiders.

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.