Barings LLC Has $7.49 Million Stock Position in Chevron Corporation (NYSE:CVX)

Key Points

• Barings LLC has reduced its holdings in Chevron Corporation by 43.8% in the first quarter, resulting in ownership of 44,794 shares valued at approximately $7.49 million.
• Chevron's quarterly earnings surpassed analyst expectations, reporting $1.77 earnings per share against an estimated $1.58, though revenue is down 12.4% year-over-year.
• Analysts have given Chevron an average rating of "Hold", with price targets ranging from $130.00 to $180.00 following various upgrades and downgrades.

Barings LLC reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 43.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,794 shares of the oil and gas company's stock after selling 34,874 shares during the period. Barings LLC's holdings in Chevron were worth $7,494,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its stake in shares of Chevron by 420.7% in 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. 10Elms LLP bought a new stake in Chevron in the fourth quarter valued at about $29,000. Navigoe LLC acquired a new stake in Chevron during the fourth quarter valued at approximately $33,000. IFS Advisors LLC raised its stake in Chevron by 119.6% during the first 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 in the last quarter. Finally, Cloud Capital Management LLC bought a new position in Chevron during the 1st quarter worth approximately $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of Chevron stock traded down $0.31 during trading on Friday, hitting $151.33. The stock had a trading volume of 10,704,924 shares, compared to its average volume of 12,271,876. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The business has a fifty day moving average of $146.86 and a two-hundred day moving average of $148.87. The firm has a market cap of $264.28 billion, a P/E ratio of 19.48, a PEG ratio of 2.39 and a beta of 0.87.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping 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 return on equity of 10.73% and a net margin of 7.76%. The company's revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company posted $2.55 EPS. On average, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Piper Sandler restated an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. UBS Group dropped their price target on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price target on shares of Chevron in a report on Friday. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $163.18.

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.