1832 Asset Management L.P. Has $123.36 Million Stock Position in Chevron Corporation $CVX

Key Points

• 1832 Asset Management L.P. increased its stake in Chevron Corporation by 1,610.8%, owning 737,394 shares worth approximately $123.36 million after acquiring an additional 694,291 shares in Q1.
• Chevron recently reported $1.77 earnings per share for the last quarter, surpassing the expected $1.58, with revenues of $44.82 billion, despite a 12.4% decline year-over-year.
• The company announced a quarterly dividend of $1.71, with an annualized yield of 4.4%, set to be paid on September 10th to shareholders recorded on August 19th.

1832 Asset Management L.P. increased its position in Chevron Corporation (NYSE:CVX - Free Report) by 1,610.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 737,394 shares of the oil and gas company's stock after purchasing an additional 694,291 shares during the quarter. 1832 Asset Management L.P.'s holdings in Chevron were worth $123,359,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sage Capital Advisors llc increased its position in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC increased its position in Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC increased its position in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. grew its position in shares of Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. TD Cowen boosted their target price on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Scotiabank restated a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, Melius Research initiated coverage on Chevron in a research report on Wednesday. They set a "hold" rating and a $155.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $163.95.

Chevron Trading Up 1.3%

NYSE:CVX opened at $155.1660 on Friday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The stock has a market capitalization of $268.13 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 2.27 and a beta of 0.87. The business's 50-day simple moving average is $150.97 and its 200-day simple moving average is $148.63.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.55 EPS. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's payout ratio is presently 88.03%.

Chevron Profile

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.

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