AlTi Global Inc. Reduces Stock Holdings in Chevron Corporation $CVX

Key Points

• AlTi Global Inc. reduced its stock holdings in Chevron Corporation by 11.4% during the 1st quarter, ending with 165,675 shares valued at $27.7 million.
• Chevron announced a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84 and a yield of 4.2%.
• Recent earnings results show Chevron beating analysts' estimates with $1.77 EPS and revenue of $44.82 billion, although revenue was down 12.4% year-over-year.

AlTi Global Inc. lessened its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 165,675 shares of the oil and gas company's stock after selling 21,274 shares during the quarter. Chevron accounts for 0.7% of AlTi Global Inc.'s portfolio, making the stock its 20th largest position. AlTi Global Inc.'s holdings in Chevron were worth $27,715,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd grew its stake in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP acquired a new position in shares of Chevron in the 1st quarter valued at about $31,000. 10Elms LLP acquired a new position in shares of Chevron in the 4th quarter valued at about $29,000. IFS Advisors LLC lifted its holdings in shares of Chevron by 119.6% in 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. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron in the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of Chevron stock opened at $161.82 on Wednesday. The business has a 50 day simple moving average of $152.93 and a two-hundred day simple moving average of $148.86. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market capitalization of $279.62 billion, a P/E ratio of 20.83, a PEG ratio of 2.38 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.

Chevron (NYSE:CVX - Get Free Report) last announced its 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the firm earned $2.55 earnings per share. The business's revenue was down 12.4% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.2%. Chevron's dividend payout ratio is presently 88.03%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Mizuho decreased their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Morgan Stanley initiated coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $163.95.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was 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 directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is owned by company insiders.

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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