Spire Wealth Management Increases Stake in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 24th, 2023

Spire Wealth Management raised its position in Chevron Co. (NYSE:CVX – Get Rating) by 46.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 26,245 shares of the oil and gas company’s stock after purchasing an additional 8,290 shares during the period. Spire Wealth Management’s holdings in Chevron were worth $4,711,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Cantor Fitzgerald Investment Advisor L.P raised its holdings in shares of Chevron by 85.1% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after acquiring an additional 73,141 shares during the period. Axiom Financial Strategies LLC raised its holdings in shares of Chevron by 25.2% during the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares during the period. GQG Partners LLC raised its holdings in shares of Chevron by 4.7% during the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after acquiring an additional 1,813 shares during the period. Lumature Wealth Partners LLC raised its holdings in shares of Chevron by 43.5% during the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 1,770 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Chevron by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after acquiring an additional 250,840 shares during the period. Hedge funds and other institutional investors own 69.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CVX shares. Morgan Stanley reduced their price target on Chevron from $195.00 to $192.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. Cowen reduced their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Truist Financial boosted their price objective on shares of Chevron from $179.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, April 11th. UBS Group began coverage on shares of Chevron in a report on Wednesday, April 19th. They issued a “buy” rating and a $212.00 price objective on the stock. Finally, Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $195.00 to $200.00 in a report on Thursday, April 13th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $193.50.

Insider Transactions at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction dated 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 directly owns 3,967 shares of the company’s stock, valued at $674,390. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $169.12 on Monday. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The company has a market cap of $320.42 billion, a PE ratio of 9.25, a P/E/G 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 business has a 50-day simple moving average of $163.76 and a 200-day simple moving average of $171.47.

Chevron (NYSE:CVX – Get Rating) last announced 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 company had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the prior year, the firm posted $2.56 earnings per share. The business’s quarterly revenue was up 17.1% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Co. will post 14.39 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.57%. Chevron’s payout ratio is currently 33.04%.

Chevron announced that its board has authorized a stock repurchase program on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

About Chevron

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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.