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Hexagon Capital Partners LLC Reduces Position in Chevron Co. (NYSE:CVX)

Defense World ·  Mar 24, 2023 21:03

Hexagon Capital Partners LLC lowered its position in Chevron Co. (NYSE:CVX – Get Rating) by 8.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,500 shares of the oil and gas company's stock after selling 706 shares during the quarter. Chevron comprises about 0.4% of Hexagon Capital Partners LLC's holdings, making the stock its 20th biggest holding. Hexagon Capital Partners LLC's holdings in Chevron were worth $1,346,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CVX. Worth Asset Management LLC acquired a new position in Chevron in the first quarter valued at about $36,000. JDM Financial Group LLC acquired a new stake in shares of Chevron during the fourth quarter worth about $42,000. Hillsdale Investment Management Inc. raised its holdings in Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company's stock valued at $54,000 after acquiring an additional 210 shares in the last quarter. CarsonAllaria Wealth Management Ltd. raised its holdings in Chevron by 65.9% in the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company's stock valued at $61,000 after acquiring an additional 168 shares in the last quarter. Finally, Piershale Financial Group Inc. acquired a new stake in Chevron in the fourth quarter valued at approximately $72,000. Hedge funds and other institutional investors own 69.37% of the company's stock.

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Chevron Trading Down 1.0 %

Shares of CVX stock opened at $154.52 on Friday. The stock has a 50-day simple moving average of $167.48 and a 200 day simple moving average of $169.32. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The stock has a market capitalization of $294.62 billion, a P/E ratio of 8.45, a P/E/G ratio of 0.76 and a beta of 1.16. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX – Get Rating) last announced 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). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The company had revenue of $56.47 billion for the quarter, compared to analysts' expectations of $53.97 billion. During the same period in the prior year, the company earned $2.56 earnings per share. The company's revenue for the quarter was up 17.1% on a year-over-year basis. On average, sell-side analysts expect that Chevron Co. will post 14.73 earnings per share for the current fiscal year.

Chevron announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 25th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders 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 3.91%. This is an increase from Chevron's previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. Chevron's dividend payout ratio is currently 33.04%.

Insider Activity

In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $674,390. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of several analyst reports. Truist Financial raised their target price on shares of Chevron from $169.00 to $179.00 and gave the company a "hold" rating in a report on Tuesday, January 31st. StockNews.com began coverage on shares of Chevron in a research note on Thursday, March 16th. They issued a "hold" rating on the stock. Cowen dropped their price target on shares of Chevron from $185.00 to $170.00 and set an "outperform" rating on the stock in a research note on Friday, February 24th. BNP Paribas lowered shares of Chevron from a "neutral" rating to an "underperform" rating and set a $190.00 price target on the stock. in a research note on Wednesday, December 14th. Finally, Mizuho restated a "neutral" rating and set a $206.00 target price on shares of Chevron in a research report on Friday, March 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price 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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