Pettyjohn Wood & White Inc. Expands Stake in Chevron by 2.3%

Pettyjohn Wood & White Inc. has increased its stake 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 investment firm now holds a total of 48,310 shares after acquiring an additional 1,105 shares in the period. Chevron represents approximately 1.2% of Pettyjohn Wood & White Inc.’s overall portfolio, making it the firm’s 26th largest investment, valued at approximately $6.9 million.

Several other institutional investors have also adjusted their positions in Chevron recently. Notably, Harvest Fund Management Co. Ltd boosted its holding by an impressive 420.7% in the first quarter, now owning 151 shares worth around $25,000 after acquiring an additional 122 shares. Similarly, Quaker Wealth Management LLC increased its stake in Chevron by 197.7% during the second quarter, bringing its total to 217 shares valued at $31,000. Other firms, including IMG Wealth Management Inc. and Investment Management Corp VA ADV, also reported significant increases in their holdings.

Hedge funds and institutional investors collectively own 72.42% of Chevron’s stock, reflecting a strong institutional interest in the company.

Analyst Ratings and Market Performance

Analysts have been active in adjusting their ratings for Chevron. Piper Sandler reduced its target price from $171.00 to $169.00, maintaining an “overweight” rating. In contrast, Bank of America raised its target from $170.00 to $185.00, classifying Chevron as a “buy.” Overall, eleven analysts have rated the stock as a “buy,” nine have issued a “hold,” and three have given a “sell” rating. According to MarketBeat, the average rating for Chevron is “hold,” with a consensus price target of $166.55.

Chevron’s stock opened at $149.93 on Friday, October 31, 2023, showing a slight decline of 0.3%. The company’s market capitalization stands at approximately $301.89 billion, with a price-to-earnings (PE) ratio of 19.30. Its 52-week performance has fluctuated between a low of $132.04 and a high of $168.96.

Earnings Report and Dividend Announcement

Chevron recently released its earnings results for the third quarter, reporting earnings per share (EPS) of $1.85, which exceeded analysts’ expectations of $1.71 by $0.14. The company’s revenue for the quarter reached $48.17 billion, surpassing projections of $46.99 billion. Despite this positive performance, Chevron’s revenue reflected a 1.9% decrease compared to the same period last year.

In addition to its earnings, Chevron announced a quarterly dividend of $1.71, set to be paid on December 10, 2023, to shareholders of record on November 18, 2023. This translates to an annualized dividend of $6.84, representing a yield of 4.6%. The company’s dividend payout ratio stands at 96.20%, indicating a significant commitment to returning value to shareholders.

In related insider activity, Vice President Alana K. Knowles sold 3,978 shares on August 29, 2023, at an average price of $160.00, totaling approximately $636,480.00. Following this transaction, her direct ownership in Chevron decreased by 77.11%.

Chevron Corporation, through its subsidiaries, operates within the energy and chemicals sectors both in the United States and internationally. The company is divided into two main segments: Upstream, which focuses on exploration and production, and Downstream, which handles refining and marketing operations. As Chevron continues to navigate market dynamics, its recent performance and strategic adjustments by investors underscore its significance in the energy sector.