Collective Family Office LLC Sells 719 Shares of Chevron Co. (NYSE:CVX)

Posted by Stephan Byrd on Mar 19th, 2023

Collective Family Office LLC reduced its stake in Chevron Co. (NYSE:CVX – Get Rating) by 14.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 4,359 shares of the oil and gas company’s stock after selling 719 shares during the quarter. Collective Family Office LLC’s holdings in Chevron were worth $782,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CVX. Cantor Fitzgerald Investment Advisor L.P grew its stake in Chevron by 85.1% in 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 in the last quarter. Axiom Financial Strategies LLC boosted its stake in shares of Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after purchasing an additional 1,476 shares in the last quarter. GQG Partners LLC boosted its stake in shares of Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after purchasing an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC boosted its stake in shares of Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after purchasing an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after purchasing an additional 250,840 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.

Chevron Trading Down 1.3 %

NYSE CVX opened at $152.34 on Friday. The company has a fifty day simple moving average of $169.06 and a two-hundred day simple moving average of $169.44. The stock has a market cap of $290.46 billion, a P/E ratio of 8.33, a P/E/G ratio of 0.73 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 company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13.

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 analysts’ consensus estimates of $4.16 by ($0.07). The company had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.56 EPS. On average, analysts forecast that Chevron Co. will post 14.73 earnings per share for the current year.

Chevron declared that its Board of Directors has initiated a stock buyback 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Wednesday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is 33.04%.

Insider Buying and Selling

In related news, VP Rhonda J. Morris sold 19,666 shares of the firm’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 transaction, the vice president now 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 available at the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CVX shares. Raymond James dropped their price objective on shares of Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. HSBC increased their price objective on shares of Chevron to $187.00 in a research note on Friday, December 2nd. BNP Paribas downgraded shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price objective on the stock. in a research note on Wednesday, December 14th. StockNews.com began coverage on shares of Chevron in a research note on Thursday. They set a “hold” rating on the stock. Finally, Citigroup raised their target price on shares of Chevron from $155.00 to $180.00 in a research note on Tuesday, November 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Chevron has an average rating of “Hold” and an average target price of $189.50.

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.