Woodstock Corp boosted its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,829 shares of the oil and gas company’s stock after acquiring an additional 2,925 shares during the period. Woodstock Corp’s holdings in Chevron were worth $6,610,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Worth Asset Management LLC bought a new stake in Chevron in the 1st quarter valued at $36,000. Hillsdale Investment Management Inc. raised its stake in Chevron by 127.3% in the 3rd 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 during the period. CarsonAllaria Wealth Management Ltd. raised its stake in Chevron by 65.9% in the 3rd 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 during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. grew its holdings in Chevron by 275.0% in the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 600 shares of the oil and gas company’s stock valued at $86,000 after buying an additional 440 shares in the last quarter. Finally, Moisand Fitzgerald Tamayo LLC grew its holdings in Chevron by 15.5% in the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 610 shares of the oil and gas company’s stock valued at $88,000 after buying an additional 82 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.
Analyst Ratings Changes
CVX has been the topic of a number of research reports. Cowen decreased their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Piper Sandler decreased their price objective on Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, December 19th. StockNews.com initiated coverage on Chevron in a report on Thursday. They issued a “hold” rating on the stock. Wells Fargo & Company decreased 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. Finally, Citigroup upped their price objective on Chevron from $155.00 to $180.00 in a report on Tuesday, November 22nd. One 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.com, Chevron presently has a consensus rating of “Hold” and an average target price of $189.50.
Chevron Stock Performance
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 the consensus estimate 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 quarter in the prior year, the business posted $2.56 earnings per share. On average, analysts anticipate that Chevron Co. will post 14.87 EPS for the current fiscal year.
Chevron Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were given 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 3.96%. Chevron’s dividend payout ratio (DPR) is currently 33.04%.
Chevron announced that its Board of Directors has authorized a share buyback 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 repurchase up to 21.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Insider Buying and Selling at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of the firm’s stock in a transaction dated 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 completion of the transaction, 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 Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.32% of the company’s stock.
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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