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Pine Haven Investment Counsel Inc Has $239,000 Holdings in Chevron Co. (NYSE:CVX)

Defense World ·  Mar 26, 2023 18:12

Pine Haven Investment Counsel Inc lessened its position in Chevron Co. (NYSE:CVX – Get Rating) by 8.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,330 shares of the oil and gas company's stock after selling 120 shares during the period. Pine Haven Investment Counsel Inc's holdings in Chevron were worth $239,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Quantum Financial Advisors LLC boosted its position in shares of Chevron by 17.7% during the fourth quarter. Quantum Financial Advisors LLC now owns 2,532 shares of the oil and gas company's stock valued at $454,000 after buying an additional 381 shares during the last quarter. IAM Advisory LLC boosted its position in shares of Chevron by 3.6% during the fourth quarter. IAM Advisory LLC now owns 7,627 shares of the oil and gas company's stock valued at $1,369,000 after buying an additional 265 shares during the last quarter. Global Wealth Strategies & Associates purchased a new position in shares of Chevron during the fourth quarter valued at approximately $46,000. Diversified Trust Co boosted its position in shares of Chevron by 1.8% during the fourth quarter. Diversified Trust Co now owns 45,477 shares of the oil and gas company's stock valued at $8,162,000 after buying an additional 806 shares during the last quarter. Finally, Fenimore Asset Management Inc. purchased a new position in shares of Chevron during the fourth quarter valued at approximately $243,000. Institutional investors and hedge funds own 69.37% of the company's stock.

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Chevron Stock Performance

Shares of CVX opened at $156.06 on Friday. The firm has a market cap of $297.55 billion, a PE ratio of 8.54, a PEG ratio of 0.74 and a beta of 1.16. The stock's fifty day moving average price is $167.05 and its two-hundred day moving average price is $169.40. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. Chevron Co. has a 1 year low of $132.54 and a 1 year high of $189.68.

Chevron (NYSE:CVX – Get Rating) last issued its 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 during the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business's quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.56 earnings per share. On average, equities research analysts forecast that Chevron Co. will post 14.73 EPS for the current year.

Chevron announced that its board has initiated a share repurchase plan on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase up to 21.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.87%. This is a positive change from Chevron's previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. Chevron's payout ratio is presently 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 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 in the company, valued at approximately $674,390. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CVX shares. Cowen cut their target price on Chevron from $185.00 to $170.00 and set an "outperform" rating on the stock in a research report on Friday, February 24th. 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. Morgan Stanley dropped their price target on Chevron from $197.00 to $195.00 and set an "equal weight" rating on the stock in a report on Monday, January 30th. Raymond James dropped their price target on Chevron from $215.00 to $212.00 and set an "outperform" rating on the stock in a report on Monday, January 30th. Finally, Truist Financial lifted their price target on Chevron from $169.00 to $179.00 and gave the stock a "hold" rating in a report on Tuesday, January 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target 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.

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