Chevron Corporation $CVX Shares Sold by 1248 Management LLC

Key Points

• 1248 Management LLC significantly reduced its holdings in Chevron Corporation by 53.3%, owning 7,629 shares after selling 8,701 shares in the first quarter.
• Several large investors such as Charles Schwab and Ameriprise Financial increased their stakes in Chevron, indicating ongoing interest in the company's stock amidst fluctuations.
• Chevron announced a quarterly dividend of $1.71 per share, with an annualized dividend yield of 4.3%, reflecting the firm’s commitment to return value to shareholders.

1248 Management LLC decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 53.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,629 shares of the oil and gas company's stock after selling 8,701 shares during the quarter. Chevron makes up approximately 0.7% of 1248 Management LLC's holdings, making the stock its 23rd largest holding. 1248 Management LLC's holdings in Chevron were worth $1,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of CVX. Charles Schwab Investment Management Inc. raised its position in shares of Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after acquiring an additional 1,574,464 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Chevron by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after acquiring an additional 211,023 shares in the last quarter. Invesco Ltd. raised its stake in shares of Chevron by 5.5% during the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after purchasing an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Chevron by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after acquiring an additional 40,758 shares during the last quarter. Finally, GQG Partners LLC acquired a new stake in Chevron in the 1st quarter valued at approximately $1,466,751,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Down 2.4%

Shares of CVX traded down $3.84 during mid-day trading on Wednesday, reaching $157.99. The company had a trading volume of 8,523,196 shares, compared to its average volume of 7,364,815. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market capitalization of $273.01 billion, a price-to-earnings ratio of 20.33, a price-to-earnings-growth ratio of 2.38 and a beta of 0.90. The firm has a 50-day moving average price of $152.93 and a 200 day moving average price of $148.86. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.55 EPS. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on CVX shares. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. TD Cowen raised their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective on the stock. in a research report on Tuesday, May 6th. Finally, Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $163.95.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.