Allstate Corp Purchases 5,233 Shares of Chevron Corporation $CVX

Key Points

• Allstate Corp increased its holdings in Chevron Corporation by 10.1%, acquiring an additional 5,233 shares, bringing its total to 57,027 shares valued at $9.54 million.
• Certain institutional investors significantly altered their positions in Chevron, with Harvest Fund Management increasing its stake by 420.7%.
• Chevron recently announced a quarterly dividend of $1.71 per share, resulting in a dividend yield of 4.4%, alongside a high dividend payout ratio of 88.03%.

Allstate Corp lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 57,027 shares of the oil and gas company's stock after buying an additional 5,233 shares during the period. Allstate Corp's holdings in Chevron were worth $9,540,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd grew its stake in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the period. 10Elms LLP bought a new stake in Chevron in the 4th quarter worth approximately $29,000. Elequin Capital LP purchased a new stake in Chevron during the 1st quarter valued at $31,000. Navigoe LLC bought a new position in shares of Chevron during the 4th quarter valued at $33,000. Finally, IFS Advisors LLC lifted its holdings in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 1.3%

Chevron stock opened at $155.1660 on Friday. The stock has a market cap of $268.13 billion, a P/E ratio of 19.97, a PEG ratio of 2.27 and a beta of 0.87. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. 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 firm's 50 day moving average price is $150.97 and its 200-day moving average price is $148.63.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share 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 analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.55 earnings per share. On average, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analyst Ratings Changes

CVX has been the subject of a number of recent research reports. Piper Sandler boosted their price target on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday. UBS Group boosted their target price on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday. Scotiabank reaffirmed a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Melius started coverage on shares of Chevron in a research report on Wednesday. They issued a "hold" rating and a $155.00 price target on the stock. Finally, Mizuho cut their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $163.95.

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.

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