TIG Advisors LLC Makes New Investment in Chevron Corporation $CVX

Key Points

• TIG Advisors LLC purchased 24,031 shares of Chevron Corporation, valued at approximately $4,020,000, marking a significant new stake in the company.
• Chevron announced a quarterly dividend of $1.71 per share, with an annualized yield of 4.3%, reflecting a robust dividend payout policy.
• Despite recent fluctuations in stock ratings, Chevron has garnered consistent support from analysts, maintaining a consensus price target of $163.95 with eleven analysts rating it as a buy.

TIG Advisors LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 24,031 shares of the oil and gas company's stock, valued at approximately $4,020,000.

Several other large investors have also recently made changes to their positions in the company. CoreCap Advisors LLC raised its holdings in shares of Chevron by 0.3% during the 4th quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock valued at $4,091,000 after purchasing an additional 71 shares in the last quarter. GDS Wealth Management grew its holdings in shares of Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 72 shares during the last quarter. AIMZ Investment Advisors LLC grew its holdings in shares of Chevron by 4.2% during the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock worth $298,000 after purchasing an additional 72 shares during the last quarter. Clayton Financial Group LLC boosted its position in Chevron by 4.6% in the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock valued at $285,000 after buying an additional 75 shares during the last quarter. Finally, Gill Capital Partners LLC boosted its stake in Chevron by 4.9% in the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock valued at $271,000 after acquiring an additional 75 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction 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 approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

CVX has been the topic of several recent research reports. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Melius started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Scotiabank reissued a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, Mizuho lowered their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Chevron has an average rating of "Hold" and a consensus target price of $163.95.

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. 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 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. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. 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 released its quarterly 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 business had revenue of $44.82 billion for 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%. The company's quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the firm earned $2.55 earnings per share. 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. Stockholders of record on Tuesday, August 19th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. Chevron's payout ratio is 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.