Banco Bilbao Vizcaya Argentaria S.A. Lowers Holdings in Chevron Corporation $CVX

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. reduced its stake in Chevron Corporation by 8.6% in Q1, now owning 76,976 shares valued at approximately $12.89 million.
• Chevron reported a quarterly earnings per share (EPS) of $1.77, exceeding estimates, with revenues of $44.82 billion, representing a 12.4% year-over-year decrease.
• The company's quarterly dividend of $1.71 will be paid on September 10th, carrying an annualized yield of 4.5% and a payout ratio of 88.03%.

Banco Bilbao Vizcaya Argentaria S.A. decreased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,976 shares of the oil and gas company's stock after selling 7,199 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Chevron were worth $12,887,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in Chevron by 4.9% during 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 during the last quarter. Northern Trust Corp raised its stake in Chevron by 7.3% during 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 buying an additional 1,394,091 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Chevron by 1.3% during 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 buying an additional 211,023 shares during the last quarter. Invesco Ltd. raised its stake 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 valued at $2,652,437,000 after buying an additional 827,851 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Chevron by 2.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,755,894 shares of the oil and gas company's stock valued at $1,992,406,000 after buying an additional 292,585 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX opened at $152.2140 on Wednesday. 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 Corporation has a one year low of $132.04 and a one year high of $168.96. The firm has a market capitalization of $263.02 billion, a P/E ratio of 19.59, a PEG ratio of 2.33 and a beta of 0.87. The business has a fifty day moving average of $150.60 and a 200 day moving average of $148.56.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. Chevron's revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron's payout ratio is presently 88.03%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVX. HSBC cut Chevron from a "buy" rating to a "hold" rating and lowered their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday. Redburn Atlantic reissued a "sell" rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Mizuho reduced their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $164.33.

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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