Ceredex Value Advisors LLC Buys 16,397 Shares of Chevron Corporation $CVX

Key Points

• Ceredex Value Advisors LLC increased its stake in Chevron Corporation by 4.9%, acquiring an additional 16,397 shares, bringing its total holdings to 349,252 shares valued at approximately $58.4 million.
• Chevron reported a quarterly earnings per share of $1.77, exceeding estimates, with revenue of $44.82 billion for the quarter, although down 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71 per share, translating to an annual yield of 4.3%, with a dividend payout ratio of 88.03%.

Ceredex Value Advisors LLC raised its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 349,252 shares of the oil and gas company's stock after acquiring an additional 16,397 shares during the period. Chevron makes up approximately 1.3% of Ceredex Value Advisors LLC's holdings, making the stock its 18th biggest position. Ceredex Value Advisors LLC's holdings in Chevron were worth $58,426,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CVX. GQG Partners LLC bought a new position in Chevron during the 1st quarter valued at about $1,466,751,000. Nuveen LLC bought a new position in Chevron during the 1st quarter valued at about $1,362,232,000. GAMMA Investing LLC lifted its stake in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in 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 during the period. Finally, Northern Trust Corp lifted its stake in Chevron by 7.3% during the 4th 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 period. Institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.0%

Shares of CVX opened at $158.12 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a 50 day simple moving average of $151.45 and a two-hundred day simple moving average of $148.64. The firm has a market cap of $273.23 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87.

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

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. UBS Group upped their price target on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Morgan Stanley initiated coverage on shares of Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. Melius initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Finally, Mizuho reduced their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $163.95.

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.

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