Alyeska Investment Group L.P. Purchases Shares of 134,369 Chevron Corporation $CVX

Key Points

• Alyeska Investment Group L.P. purchased 134,369 shares of Chevron Corporation valued at approximately $22,479,000 in the first quarter, as reported in its recent 13F filing with the SEC.
• Chevron reported a quarterly earnings of $1.77 per share, exceeding expectations, with revenue of $44.82 billion, despite a 12.4% year-over-year decline.
• The company announced a quarterly dividend of $1.71 per share, scheduled to be paid on September 10th, representing an annualized dividend of $6.84 and a yield of 4.3%.

Alyeska Investment Group L.P. purchased a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 134,369 shares of the oil and gas company's stock, valued at approximately $22,479,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd increased 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 in the last quarter. Elequin Capital LP bought a new stake in Chevron during the 1st quarter valued at $31,000. 10Elms LLP purchased a new position in Chevron during the 4th quarter worth $29,000. IFS Advisors LLC boosted its holdings in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new position in Chevron during the 1st quarter worth $39,000. Institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.0%

Shares of CVX opened at $158.00 on Friday. The business's 50-day moving average price is $153.49 and its 200-day moving average price is $148.94. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market cap of $273.03 billion, a PE ratio of 20.34, a P/E/G ratio of 2.34 and a beta of 0.90. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Melius Research initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Mizuho dropped their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, TD Cowen upped their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $163.95.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $59,362,500.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

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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