Applied Finance Capital Management LLC Has $13.91 Million Stake in Chevron Corporation (NYSE:CVX)

Key Points

• Applied Finance Capital Management LLC reduced its stake in Chevron Corporation by 53.7%, now holding approximately $13.91 million in shares after selling over 96,000 shares in the first quarter.
• Chevron recently declared a quarterly dividend of $1.71 per share, which represents an annualized dividend yield of 4.42%.
• Several brokerages have issued mixed ratings on Chevron, with Jefferies maintaining a "buy" rating while HSBC downgraded it to "hold", reflecting a consensus rating of "Hold" among analysts.

Applied Finance Capital Management LLC trimmed its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 53.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,174 shares of the oil and gas company's stock after selling 96,641 shares during the period. Applied Finance Capital Management LLC's holdings in Chevron were worth $13,914,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Geode Capital Management LLC increased its stake in Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after purchasing an additional 392,916 shares in the last quarter. Northern Trust Corp increased its stake in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares in the last quarter. Franklin Resources Inc. increased its stake in Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock valued at $2,502,850,000 after purchasing an additional 79,917 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after purchasing an additional 211,023 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after purchasing an additional 964,426 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of NYSE CVX traded down $2.04 during mid-day trading on Wednesday, reaching $154.99. 3,202,274 shares of the company were exchanged, compared to its average volume of 9,441,852. The company's 50-day simple moving average is $145.88 and its 200-day simple moving average is $148.89. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $270.68 billion, a P/E ratio of 17.73, a P/E/G ratio of 2.46 and a beta of 0.83. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. During the same quarter last year, the company posted $2.93 EPS. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's dividend payout ratio (DPR) is 78.17%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVX. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Redburn Atlantic reiterated a "sell" rating and issued a $124.00 price target (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Mizuho cut their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Barclays reiterated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Wells Fargo & Company increased their price target on shares of Chevron from $165.00 to $178.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of "Hold" and an average target price of $162.13.

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.