Brandywine Global Investment Management LLC Sells 579,448 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Brandywine Global Investment Management LLC reduced its stake in Chevron Corporation by 39.9%, now holding 874,436 shares worth approximately $146.3 million.
• Chevron recently reported $1.77 earnings per share for the quarter, surpassing expectations, despite a 12.4% decline in quarterly revenue year-over-year.
• Chevron announced a quarterly dividend of $1.71 per share, reflecting a 4.4% dividend yield, with the ex-dividend date set for August 19th.

Brandywine Global Investment Management LLC cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 39.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 874,436 shares of the oil and gas company's stock after selling 579,448 shares during the period. Chevron comprises approximately 1.1% of Brandywine Global Investment Management LLC's holdings, making the stock its 19th largest holding. Brandywine Global Investment Management LLC's holdings in Chevron were worth $146,284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. GQG Partners LLC acquired a new position in Chevron during the 1st quarter worth $1,466,751,000. Nuveen LLC bought a new position in Chevron in the first quarter valued at about $1,362,232,000. GAMMA Investing LLC raised its holdings in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after purchasing an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after buying an additional 1,574,464 shares during the period. Finally, Capital World Investors raised its stake in shares of Chevron by 11.4% during the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock worth $2,039,288,000 after buying an additional 1,440,808 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent research reports. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Scotiabank reissued 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. Piper Sandler restated an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, Redburn Atlantic reiterated a "sell" rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $164.11.

Chevron Stock Up 0.9%

Shares of NYSE:CVX traded up $1.36 during trading on Friday, hitting $156.52. 11,613,242 shares of the company were exchanged, compared to its average volume of 11,908,853. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market cap of $270.46 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 2.35 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $150.13 and a two-hundred day moving average price of $148.54.

Chevron (NYSE:CVX - Get Free Report) last released its 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 net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period last year, the business earned $2.55 earnings per share. The firm's revenue was down 12.4% on a year-over-year basis. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's payout ratio is 88.03%.

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.