AEGON ASSET MANAGEMENT UK Plc Grows Stock Holdings in Chevron Corporation $CVX

Key Points

• AEGON ASSET MANAGEMENT UK Plc boosted its Chevron stake by 34.3% in the first quarter, buying 52,247 additional shares and bringing its total holding to 204,534 shares worth about $42.3 million.
• Institutional interest remains strong, with hedge funds and other investors continuing to add to their positions; institutions now own 72.42% of Chevron’s stock.
• Chevron’s latest results and shareholder returns were mixed: the company beat EPS expectations in its most recent quarter, but revenue fell short of forecasts, while it also paid a $1.78 quarterly dividend for a 4.1% yield.

AEGON ASSET MANAGEMENT UK Plc lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 34.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 204,534 shares of the oil and gas company's stock after buying an additional 52,247 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc's holdings in Chevron were worth $42,310,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CVX. United Bank increased its stake in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after acquiring an additional 796 shares during the period. Schnieders Capital Management LLC. grew its holdings in Chevron by 9.0% in the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after purchasing an additional 4,214 shares during the last quarter. BNP Paribas increased its position in shares of Chevron by 76.4% in the second quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock valued at $63,000 after buying an additional 191 shares in the last quarter. Osterweis Capital Management Inc. increased its position in shares of Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock valued at $195,000 after buying an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock worth $2,299,000 after buying an additional 553 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CVX. UBS Group raised their target price on shares of Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a report on Monday, May 4th. BNP Paribas Exane raised shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target on the stock in a report on Friday, April 17th. Weiss Ratings lowered shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Bank of America raised their price objective on shares of Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a research note on Monday, March 2nd. Finally, Zacks Research downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Eighteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and a consensus price target of $205.70.

Chevron Trading Down 0.1%

Shares of Chevron stock opened at $173.51 on Monday. Chevron Corporation has a fifty-two week low of $142.40 and a fifty-two week high of $214.71. The business's fifty day moving average is $186.63 and its two-hundred day moving average is $179.20. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The firm has a market cap of $345.56 billion, a PE ratio of 30.07, a P/E/G ratio of 0.57 and a beta of 0.48.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.18 EPS. Analysts anticipate that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 4.1%. Chevron's dividend payout ratio (DPR) is 123.40%.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the transaction, the insider directly owned 8,638 shares of the company's stock, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 615,200 shares of company stock worth $118,022,760 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

Chevron Company Profile

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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