Amundi Trims Stock Position in Chevron Corporation $CVX

Key Points

• Amundi reduced its stake in Chevron Corporation by 2.8%, now holding approximately 8.56 million shares valued at $1.34 billion.
• Chevron's quarterly earnings beat expectations with earnings per share of $1.77, while revenue decreased by 12.4% year-over-year, totaling $44.82 billion.
• The company declared a quarterly dividend of $1.71, yielding 4.2%, with a payout ratio of 88.03%.

Amundi trimmed its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,558,240 shares of the oil and gas company's stock after selling 247,810 shares during the period. Amundi owned about 0.49% of Chevron worth $1,336,113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in shares of Chevron by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Invesco Ltd. increased its holdings in Chevron by 5.5% during the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after buying an additional 827,851 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock worth $2,054,513,000 after buying an additional 40,758 shares during the last quarter. GQG Partners LLC purchased a new stake in Chevron during the first quarter worth about $1,466,751,000. Finally, Nuveen LLC purchased a new stake in Chevron during the first quarter worth about $1,362,232,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

Chevron stock traded down $0.06 during mid-day trading on Thursday, hitting $158.00. 7,240,482 shares of the company traded hands, compared to its average volume of 7,467,736. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The stock has a market cap of $273.03 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 2.34 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The stock has a fifty day moving average price of $153.49 and a 200-day moving average price of $148.94.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous 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 firm 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 $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction 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 of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction 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 directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on CVX shares. Evercore ISI restated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Piper Sandler lifted their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Scotiabank reiterated a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. UBS Group lifted their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Finally, HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and cut their price objective for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. 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's stock. Based on data from MarketBeat, Chevron has an average rating of "Hold" and a consensus target price of $163.95.

Chevron Company 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.