Channing Capital Management LLC Lowers Holdings in Chevron Corporation $CVX

Key Points

• Channing Capital Management LLC has significantly reduced its stake in Chevron Corporation by 72.1%, leading to ownership of 10,728 shares valued at approximately $1.8 million.
• In contrast, other hedge funds have increased their holdings in Chevron, with CW Advisors LLC boosting its stake by 20.7% to own 160,990 shares worth roughly $26.9 million.
• Chevron reported an earnings per share (EPS) of $1.77, beating analysts' estimates, though revenue decreased by 12.4% compared to the same quarter last year.

Channing Capital Management LLC decreased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 72.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,728 shares of the oil and gas company's stock after selling 27,701 shares during the quarter. Channing Capital Management LLC's holdings in Chevron were worth $1,795,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. CW Advisors LLC raised its holdings in Chevron by 20.7% in the 1st quarter. CW Advisors LLC now owns 160,990 shares of the oil and gas company's stock worth $26,905,000 after purchasing an additional 27,646 shares during the period. Summit Financial LLC raised its holdings in Chevron by 23.7% in the 1st quarter. Summit Financial LLC now owns 36,079 shares of the oil and gas company's stock worth $6,036,000 after purchasing an additional 6,920 shares during the period. United Asset Strategies Inc. raised its holdings in Chevron by 0.6% in the 1st quarter. United Asset Strategies Inc. now owns 82,847 shares of the oil and gas company's stock worth $13,859,000 after purchasing an additional 526 shares during the period. Candriam S.C.A. raised its holdings in Chevron by 16.3% in the 1st quarter. Candriam S.C.A. now owns 3,525 shares of the oil and gas company's stock worth $590,000 after purchasing an additional 493 shares during the period. Finally, Sandhill Capital Partners LLC raised its holdings in Chevron by 1.1% in the 1st quarter. Sandhill Capital Partners LLC now owns 34,740 shares of the oil and gas company's stock worth $5,812,000 after purchasing an additional 389 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of Chevron stock opened at $155.1660 on Friday. The business has a 50 day simple moving average of $150.97 and a two-hundred day simple moving average of $148.63. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market capitalization of $268.13 billion, a P/E ratio of 19.97, a PEG ratio of 2.27 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.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business 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 business's revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.55 earnings per share. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be given a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio is 88.03%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CVX shares. Melius Research started coverage on Chevron in a report on Wednesday. They issued a "hold" rating and a $155.00 price target for the company. Piper Sandler upped their price target on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. UBS Group upped their price target on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. 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's stock. According to MarketBeat.com, Chevron has a consensus rating of "Hold" and a consensus target price of $163.95.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.