Acadian Asset Management LLC Purchases 37,155 Shares of Chevron Corporation $CVX

Key Points

• Acadian Asset Management LLC increased its Chevron stock holdings by 278.1%, acquiring an additional 37,155 shares, bringing its total to 50,514 shares valued at $8,447,000.
• Chevron reported $1.77 earnings per share for the latest quarter, exceeding analysts' expectations of $1.58, despite a 12.4% decline in revenue compared to the same quarter last year.
• The company announced a quarterly dividend of $1.71, yielding 4.4% annually, and currently has a dividend payout ratio of 88.03%.

Acadian Asset Management LLC raised its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 278.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,514 shares of the oil and gas company's stock after acquiring an additional 37,155 shares during the quarter. Acadian Asset Management LLC's holdings in Chevron were worth $8,447,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CVX. GQG Partners LLC bought a new stake in Chevron during the first quarter valued at $1,466,751,000. Nuveen LLC bought a new stake in Chevron during the first quarter valued at $1,362,232,000. GAMMA Investing LLC boosted its position in Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Chevron by 4.9% during the first 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 during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Chevron by 141.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after purchasing an additional 1,107,628 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.6%

CVX opened at $157.23 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $271.69 billion, a PE ratio of 20.24, a P/E/G ratio of 2.00 and a beta of 0.90. The company's 50-day moving average is $154.67 and its 200 day moving average is $148.89.

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

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated 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 sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CVX. Morgan Stanley began coverage on shares of Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective on the stock. Melius began coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. UBS Group increased their price objective on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Scotiabank reissued a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, TD Cowen increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron has an average rating of "Hold" and a consensus price target of $164.80.

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.

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