First Heartland Consultants Inc. raised its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 7.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,684 shares of the oil and gas company's stock after acquiring an additional 465 shares during the quarter. First Heartland Consultants Inc.'s holdings in Chevron were worth $1,200,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Worth Asset Management LLC acquired a new stake in Chevron in the first quarter worth $36,000. JDM Financial Group LLC acquired a new stake in shares of Chevron during the fourth quarter worth $42,000. Hillsdale Investment Management Inc. raised its holdings in shares of Chevron by 127.3% during the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company's stock worth $54,000 after acquiring an additional 210 shares during the period. CarsonAllaria Wealth Management Ltd. raised its holdings in shares of Chevron by 65.9% during the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company's stock worth $61,000 after acquiring an additional 168 shares during the period. Finally, Piershale Financial Group Inc. acquired a new stake in shares of Chevron during the fourth quarter worth $72,000. 69.37% of the stock is owned by institutional investors.
Get Chevron alerts:Chevron Price Performance
Chevron stock opened at $154.52 on Friday. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The stock's 50 day moving average is $167.48 and its 200-day moving average is $169.32. 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 capitalization of $294.62 billion, a price-to-earnings ratio of 8.45, a PEG ratio of 0.76 and a beta of 1.16.
Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). The firm had revenue of $56.47 billion during 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%. Chevron's revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.56 EPS. Equities research analysts expect that Chevron Co. will post 14.73 EPS for the current year.
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 repurchase up to 21.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.
Chevron Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a $1.51 dividend. This is a boost from Chevron's previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Wednesday, February 15th. Chevron's payout ratio is 33.04%.
Insider Activity at Chevron
In related news, VP Rhonda J. Morris sold 19,666 shares of the business'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 value of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a filing with the SEC, which is available at this link. 0.32% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
CVX has been the topic of a number of research analyst reports. 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 report on Monday, January 30th. Truist Financial lifted their target price on Chevron from $169.00 to $179.00 and gave the company a "hold" rating in a research report on Tuesday, January 31st. StockNews.com initiated coverage on Chevron in a research report on Thursday, March 16th. They issued a "hold" rating on the stock. Wells Fargo & Company lowered their target price on Chevron from $204.00 to $199.00 and set an "overweight" rating on the stock in a research report on Thursday, March 2nd. Finally, Barclays lifted their target price on Chevron from $196.00 to $212.00 and gave the company an "overweight" rating in a research report on Tuesday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $189.50.
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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