Aberdeen Group plc Increases Position in Chevron Corporation $CVX

Key Points

• Aberdeen Group plc increased its stake in Chevron Corporation by 5.7%, owning approximately 906,183 shares valued at $129.76 million as of the latest reporting period.
• Chemical and energy company Chevron reported earnings of $1.77 per share for its recent quarter, exceeding estimates, despite a 12.4% revenue decline compared to the previous year.
• Certain insiders, including VP Alana K. Knowles and Director John B. Hess, recently sold significant shares of Chevron, indicating decreases in their ownership positions of 77.11% and 21.09%, respectively.

Aberdeen Group plc boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 906,183 shares of the oil and gas company's stock after purchasing an additional 49,236 shares during the period. Aberdeen Group plc owned approximately 0.05% of Chevron worth $129,756,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Zullo Investment Group Inc. raised its stake in Chevron by 2.7% during the second quarter. Zullo Investment Group Inc. now owns 5,528 shares of the oil and gas company's stock worth $792,000 after purchasing an additional 143 shares during the period. First Fiduciary Investment Counsel Inc. raised its stake in shares of Chevron by 15.2% in the 2nd quarter. First Fiduciary Investment Counsel Inc. now owns 1,898 shares of the oil and gas company's stock valued at $272,000 after acquiring an additional 250 shares during the period. Strong Tower Advisory Services raised its stake in shares of Chevron by 5.4% in the 2nd quarter. Strong Tower Advisory Services now owns 19,695 shares of the oil and gas company's stock valued at $2,820,000 after acquiring an additional 1,002 shares during the period. JB Capital LLC raised its stake in shares of Chevron by 3.3% in the 2nd quarter. JB Capital LLC now owns 4,421 shares of the oil and gas company's stock valued at $633,000 after acquiring an additional 140 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Chevron by 2.2% in the 2nd quarter. Blue Trust Inc. now owns 43,791 shares of the oil and gas company's stock valued at $6,270,000 after acquiring an additional 949 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

CVX opened at $149.11 on Friday. The company has a fifty day simple moving average of $156.10 and a 200 day simple moving average of $148.67. The firm has a market cap of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.95 and a beta of 0.84. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period last year, the business earned $2.55 EPS. Equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction 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 completion of the transaction, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm's 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 directly 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 ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVX. Barclays cut their target price on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Evercore ISI reissued an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Scotiabank raised their target price on shares of Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a research note on Thursday. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research note on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and a consensus target price of $165.40.

Chevron Company 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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