Chevron Corporation $CVX Holdings Raised by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board has increased its stake in Chevron Corporation by 141.2%, holding a total of 1,891,824 shares valued at approximately $316.48 million.
• Director John B. Hess sold 375,000 shares of Chevron stock in August, reducing his ownership by 21.09% and still retaining shares valued around $222 million.
• Chevron's quarterly earnings exceeded analysts' estimates, reporting an EPS of $1.77 despite a year-over-year revenue decline of 12.4%.

Canada Pension Plan Investment Board lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 141.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,891,824 shares of the oil and gas company's stock after acquiring an additional 1,107,628 shares during the period. Canada Pension Plan Investment Board owned about 0.11% of Chevron worth $316,483,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised 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 valued at $5,592,263,000 after acquiring an additional 1,574,464 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Chevron by 1.3% during the 4th 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 in the last quarter. Invesco Ltd. raised its position in shares of Chevron by 5.5% during the 1st 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 in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Chevron by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after acquiring an additional 40,758 shares in the last quarter. Finally, GQG Partners LLC bought a new position in Chevron during the 1st quarter worth $1,466,751,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of NYSE:CVX traded up $1.32 on Monday, hitting $160.64. The company's stock had a trading volume of 6,932,144 shares, compared to its average volume of 7,870,647. 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 $277.59 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 2.38 and a beta of 0.90. The stock's 50-day moving average is $152.29 and its two-hundred day moving average is $148.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analysts' expectations 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 prior year, the business posted $2.55 earnings per share. On average, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently commented on CVX shares. Mizuho lowered their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Piper Sandler upped their price objective on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. DZ Bank downgraded 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. Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Scotiabank restated a "sector perform" rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average price target of $163.95.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.21% of the stock is currently owned by company insiders.

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.