Chevron Corporation $CVX Position Lessened by Cambiar Investors LLC

Key Points

• Cambiar Investors LLC reduced its stake in Chevron Corporation by 8.5% in Q1, owning 347,333 shares valued at approximately $58.1 million.
• Chevron's recent quarterly earnings showed a profit of $1.77 per share, exceeding estimates, but revenue declined by 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, yielding 4.4%, with a payout ratio currently at 88.03%.

Cambiar Investors LLC lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 8.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 347,333 shares of the oil and gas company's stock after selling 32,449 shares during the period. Chevron makes up approximately 2.5% of Cambiar Investors LLC's portfolio, making the stock its 7th largest position. Cambiar Investors LLC's holdings in Chevron were worth $58,105,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted 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 purchasing an additional 1,574,464 shares during the last quarter. Northern Trust Corp lifted its position in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after acquiring an additional 211,023 shares during the last quarter. Invesco Ltd. lifted its position in Chevron by 5.5% in the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after acquiring an additional 827,851 shares during the last quarter. Finally, Capital World Investors lifted its position in Chevron by 11.4% in the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. Hedge funds and other 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 analyst reports. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and dropped their price target for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Melius Research initiated coverage on shares of Chevron in a research note on Wednesday. They set a "hold" rating and a $155.00 price target on the stock. Finally, Redburn Atlantic reiterated a "sell" rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $163.95.

Chevron Price Performance

Shares of NYSE CVX traded up $1.2050 on Wednesday, hitting $153.2050. The company's stock had a trading volume of 5,430,480 shares, compared to its average volume of 9,346,996. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a market capitalization of $264.74 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 2.33 and a beta of 0.87. 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 stock has a 50 day moving average of $150.60 and a 200-day moving average of $148.56.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) 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 company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the firm earned $2.55 earnings per share. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, research analysts predict that Chevron Corporation will post 10.79 EPS for the current 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 issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

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.