BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Decreases Stock Holdings in Chevron Corporation $CVX

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in Chevron Corporation (CVX) by 1.9%, now owning 326,496 shares worth approximately $54.62 million.
• Chevron's most recent earnings report showed an EPS of $1.77, exceeding estimates, but revenue declined 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, with an annualized yield of 4.3%, reflecting a dividend payout ratio of 88.03%.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 326,496 shares of the oil and gas company's stock after selling 6,221 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Chevron were worth $54,620,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. CoreCap Advisors LLC lifted its position in shares of Chevron by 0.3% during the 4th quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock worth $4,091,000 after purchasing an additional 71 shares during the last quarter. GDS Wealth Management lifted its position in shares of Chevron by 4.4% during the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 72 shares during the last quarter. Clayton Financial Group LLC lifted its position in shares of Chevron by 4.6% during the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 75 shares during the last quarter. Gill Capital Partners LLC lifted its position in Chevron by 4.9% in the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock valued at $271,000 after acquiring an additional 75 shares during the last quarter. Finally, Cordatus Wealth Management LLC boosted its stake in Chevron by 0.4% in the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock valued at $3,299,000 after acquiring an additional 76 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CVX shares. Melius Research started coverage on shares of Chevron in a research note on Wednesday. They issued a "hold" rating and a $155.00 price objective for the company. Mizuho decreased their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. DZ Bank downgraded shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research note on Tuesday, May 6th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Finally, UBS Group upped their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and a consensus price target of $163.95.

Chevron Trading Up 1.5%

NYSE:CVX opened at $157.8970 on Friday. The firm has a market cap of $272.84 billion, a P/E ratio of 20.32, a PEG ratio of 2.31 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 stock's 50 day simple moving average is $151.21 and its 200-day simple moving average is $148.66. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.55 earnings per share. Equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

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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