White Pine Investment CO Increases Stock Position in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Apr 25th, 2023

White Pine Investment CO grew its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,001 shares of the oil and gas company’s stock after buying an additional 208 shares during the quarter. Chevron accounts for approximately 2.2% of White Pine Investment CO’s holdings, making the stock its 18th biggest holding. White Pine Investment CO’s holdings in Chevron were worth $5,744,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Mayflower Financial Advisors LLC grew its stake in Chevron by 1.6% during the 4th quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock worth $16,533,000 after buying an additional 1,453 shares during the last quarter. M&R Capital Management Inc. raised its holdings in Chevron by 9.8% in the 4th quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after purchasing an additional 674 shares during the period. CapWealth Advisors LLC raised its holdings in shares of Chevron by 0.6% during the third quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock valued at $24,959,000 after acquiring an additional 1,097 shares during the last quarter. Cypress Capital Management LLC raised its holdings in shares of Chevron by 0.6% during the third quarter. Cypress Capital Management LLC now owns 46,934 shares of the oil and gas company’s stock valued at $6,743,000 after acquiring an additional 293 shares during the last quarter. Finally, ACG Wealth raised its holdings in shares of Chevron by 0.9% during the third quarter. ACG Wealth now owns 12,339 shares of the oil and gas company’s stock valued at $1,773,000 after acquiring an additional 110 shares during the last quarter. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

CVX stock opened at $171.48 on Tuesday. The firm has a 50 day moving average of $163.77 and a 200-day moving average of $171.54. Chevron Co. has a 12-month low of $132.54 and a 12-month high of $189.68. 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 company has a market cap of $324.89 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 0.82 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings data 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 company had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same quarter in the prior year, the firm earned $2.56 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. As a group, equities analysts expect that Chevron Co. will post 14.39 EPS for the current fiscal year.

Chevron announced that its Board of Directors has authorized a share 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 repurchase 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 declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a $1.51 dividend. 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 annualized dividend and a yield of 3.52%. Chevron’s payout ratio is 33.04%.

Insider Buying and Selling at Chevron

In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction on 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 sale, 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 can be accessed through this link. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on CVX. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and upped their price target for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Raymond James reduced their price objective on Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research note on Friday, April 14th. Cowen cut their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Mizuho reaffirmed a “neutral” rating and set a $206.00 price objective on shares of Chevron in a report on Tuesday, April 11th. Finally, Wells Fargo & Company dropped their price objective on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock 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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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