Alliancebernstein L.P. Has $406.88 Million Holdings in Chevron Corporation $CVX

Key Points

• AllianceBernstein L.P. reduced its stake in Chemron Corporation by 10.4%, selling 280,831 shares and ending the quarter with a total of 2,432,190 shares valued at approximately $406.88 million.
• Chevron's recent quarterly earnings topped analysts' estimates with $1.77 EPS and $44.82 billion in revenue, despite a 12.4% year-over-year decline in revenue.
• The company announced a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84 and a yield of 4.3%.

Alliancebernstein L.P. decreased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 10.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,432,190 shares of the oil and gas company's stock after selling 280,831 shares during the quarter. Alliancebernstein L.P. owned about 0.14% of Chevron worth $406,881,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sage Capital Advisors llc boosted its stake in Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after acquiring an additional 919 shares during the last quarter. CCG Wealth Management LLC lifted its stake 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 valued at $1,060,000 after buying an additional 145 shares in the last quarter. Ignite Planners LLC lifted its stake 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 valued at $2,060,000 after buying an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. lifted its stake in Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after buying an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after buying an additional 675 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction on 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 $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the 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 sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research reports. TD Cowen lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Morgan Stanley initiated coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target on the stock. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Mizuho cut their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $163.95.

Chevron Stock Performance

NYSE CVX traded down $3.86 on Friday, hitting $153.83. 11,006,378 shares of the stock were exchanged, compared to its average volume of 7,504,351. The company has a market capitalization of $265.81 billion, a PE ratio of 19.80, a P/E/G ratio of 2.28 and a beta of 0.90. 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 business's fifty day moving average is $153.69 and its 200 day moving average is $148.87. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

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

Chevron Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 4.4%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

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.