Pettyjohn Wood & White Increases Chevron Stake by 2.3%

Pettyjohn Wood & White Inc. has increased its holdings in Chevron Corporation (NYSE: CVX) by 2.3% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now owns a total of 48,310 shares in the oil and gas giant after acquiring an additional 1,105 shares during this period. This investment accounts for approximately 1.2% of Pettyjohn Wood & White’s portfolio, making Chevron its 26th largest position, valued at about $6.9 million.

Several other institutional investors have also adjusted their stakes in Chevron recently. Harvest Fund Management Co. Ltd significantly increased its position by 420.7% in the first quarter, now holding 151 shares valued at $25,000. Elequin Capital LP established a new position worth approximately $31,000 during the same quarter. Quaker Wealth Management LLC raised its stake by 197.7% in the second quarter, now owning 217 shares valued at around $31,000. Additionally, Investment Management Corp VA ADV boosted its holdings by 171.3%, now possessing 236 shares valued at $39,000. Finally, IMG Wealth Management Inc. increased its position by 52.3% during the second quarter, acquiring 265 shares worth approximately $38,000. Collectively, hedge funds and institutional investors own 72.42% of Chevron’s stock.

Analyst Ratings and Market Performance

Recent analyst ratings reflect a mixed outlook for Chevron. Piper Sandler downgraded its target price from $171.00 to $169.00, maintaining an “overweight” rating. In contrast, Bank of America raised its price target from $170.00 to $185.00, assigning a “buy” rating. Other firms such as Evercore ISI reiterated an “outperform” rating with a target of $180.00, while Weiss Ratings maintained a “hold (c)” rating. Currently, eleven analysts rate Chevron as a Buy, nine as Hold, and three as Sell, with an average consensus rating of “Hold” and a target price of $166.55.

As for trading performance, Chevron’s shares opened at $149.93 on the latest trading day. The stock has a fifty-day moving average of $154.83 and a two-hundred-day moving average of $150.85. With a market capitalization of $301.89 billion, Chevron has a price-to-earnings (P/E) ratio of 19.30 and a price-to-earnings-growth (PEG) ratio of 4.40. Over the past year, the stock has fluctuated between a low of $132.04 and a high of $168.96.

Recent Financial Results and Dividend Announcement

Chevron recently disclosed its earnings results for the third quarter of 2023 on October 31, 2023. The company reported earnings per share (EPS) of $1.85, surpassing analysts’ expectations of $1.71 by $0.14. The company’s revenue for the quarter was $48.17 billion, exceeding the projected $46.99 billion. Despite this positive performance, Chevron’s revenue saw a 1.9% decline year-over-year, compared to $2.48 EPS during the same period last year. Analysts forecast that Chevron will post $10.79 EPS for the current fiscal year.

In addition to its financial performance, Chevron announced a quarterly dividend of $1.71 per share, set to be paid on December 10, 2023. Shareholders of record on November 18, 2023 will receive this payment, leading to an annualized dividend of $6.84 and a dividend yield of 4.6%. Chevron’s dividend payout ratio stands at 96.20%.

In related news, Vice President Alana K. Knowles sold 3,978 shares of Chevron on August 29, 2023, for a total of approximately $636,480. Post-transaction, Knowles holds 1,181 shares valued at around $188,960. Corporate insiders currently own 0.21% of Chevron’s stock.

Chevron Corporation operates integrated energy and chemicals operations both in the United States and internationally. The company operates through two main segments: Upstream and Downstream, focusing on exploration, production, and transportation of crude oil and natural gas, among other activities.