Bridgewater Advisors Inc. Buys Shares of 8,091 Chevron Corporation $CVX

Key Points

• Bridgewater Advisors initiated a Chevron position by purchasing 8,091 shares valued at approximately $1.54 million. Institutional investors collectively own 72.42% of Chevron.
• Chevron reported strong quarterly results, with adjusted earnings of $6.06 per share and revenue of $67.20 billion, exceeding analyst expectations; revenue increased 57.4% year over year.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to a $7.12 annualized payout and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $207.48.

Bridgewater Advisors Inc. bought a new position in Chevron Corporation (NYSE:CVX - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 8,091 shares of the oil and gas company's stock, valued at approximately $1,543,000.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Chevron in the fourth quarter valued at approximately $3,727,586,000. State Street Corp increased its stake in Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company's stock valued at $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. Finally, Aristotle Capital Management LLC grew its holdings in shares of Chevron by 653.0% during the 1st quarter. Aristotle Capital Management LLC now owns 4,526,223 shares of the oil and gas company's stock worth $936,492,000 after purchasing an additional 3,925,137 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Up 1.2%

NYSE CVX opened at $199.99 on Friday. The firm has a 50 day simple moving average of $183.30 and a 200-day simple moving average of $186.88. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The firm has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same period in the previous year, the firm posted $1.77 EPS. Chevron's revenue for the quarter was up 57.4% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 68.26%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CVX shares. TD Cowen increased their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Sanford C. Bernstein boosted their price target on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Piper Sandler started coverage on shares of Chevron in a report on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 target price for the company. Finally, UBS Group restated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $207.48.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the transaction, the chief executive officer owned 26,308 shares of the company's stock, valued at $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,196,212 shares of company stock worth $231,819,366 over the last quarter. 0.56% of the stock is owned by company insiders.

Chevron Profile

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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