Bridgeway Capital Management LLC Trims Stake in Chevron Corporation $CVX

Key Points

• Bridgeway Capital Management LLC has reduced its stake in Chevron Corporation by 11.0%, now owning 114,189 shares valued at approximately $19.1 million.
• In related news, insider John B. Hess sold 375,000 shares of Chevron, decreasing his position by 21.09%.
• Chevron's recent earnings report showed a profit of $1.77 per share, exceeding estimates, though revenue declined by 12.4% year-over-year.

Bridgeway Capital Management LLC reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 11.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 114,189 shares of the oil and gas company's stock after selling 14,073 shares during the quarter. Bridgeway Capital Management LLC's holdings in Chevron were worth $19,103,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd increased its holdings in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP purchased a new position in Chevron during the 1st quarter worth $31,000. 10Elms LLP purchased a new position in Chevron during the 4th quarter worth $29,000. IFS Advisors LLC boosted its position in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in Chevron during the 1st quarter valued at $39,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by company insiders.

Chevron Stock Up 0.8%

Shares of CVX stock opened at $161.82 on Wednesday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock's fifty day moving average price is $152.93 and its 200 day moving average price is $148.86. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a market cap of $279.62 billion, a price-to-earnings ratio of 20.83, a price-to-earnings-growth ratio of 2.38 and a beta of 0.90.

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

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.2%. The ex-dividend date is Tuesday, August 19th. Chevron's payout ratio is 88.03%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Melius assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Scotiabank reaffirmed a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $163.95.

About Chevron

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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