Chevron Co. (NYSE:CVX) Shares Sold by Wealth Effects LLC

Posted by Defense World Staff on Apr 24th, 2023

Wealth Effects LLC lowered its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,889 shares of the oil and gas company’s stock after selling 558 shares during the quarter. Chevron comprises about 1.4% of Wealth Effects LLC’s holdings, making the stock its 12th largest position. Wealth Effects LLC’s holdings in Chevron were worth $2,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of CVX. Worth Asset Management LLC acquired a new position in shares of Chevron during the 1st quarter valued at about $36,000. Red Tortoise LLC acquired a new stake in Chevron during the 4th quarter worth approximately $37,000. JDM Financial Group LLC acquired a new stake in Chevron during the 4th quarter worth approximately $42,000. Global Wealth Strategies & Associates acquired a new stake in Chevron during the 4th quarter worth approximately $46,000. Finally, Orion Capital Management LLC increased its position in Chevron by 32.9% during the 4th 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. Institutional investors and hedge funds own 69.37% of the company’s stock.

Insider Activity at Chevron

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

Chevron Stock Performance

CVX stock 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. The firm has a market cap 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 Co. has a 12-month low of $132.54 and a 12-month high of $189.68. The stock’s 50 day simple moving average is $163.76 and its 200 day simple moving average is $171.47.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly 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 for the quarter, compared to analyst estimates of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.56 earnings per share. As a group, equities research analysts predict that Chevron Co. will post 14.39 EPS for the current year.

Chevron announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Chevron Increases Dividend

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

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Cowen dropped their target price on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $195.00 to $200.00 in a research report on Thursday, April 13th. Barclays upped their price target on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Finally, Raymond James decreased their price target on Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a report on Friday, April 14th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $193.50.

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.