Ilmarinen Mutual Pension Insurance Co Buys 9,500 Shares of Chevron Corporation $CVX

Key Points

• Ilmarinen Mutual Pension Insurance Co increased its stake in Chevron Corporation by 3.2%, owning 307,000 shares valued at approximately $51.36 million, making it the 28th largest position in their portfolio.
• Several institutional investors also raised their stakes in Chevron, contributing to a overall institutional ownership of 72.42% of the company’s stock.
• Chevron recently declared a quarterly dividend of $1.71, leading to an annualized dividend yield of 4.4%, with a payout ratio of 88.03%.

Ilmarinen Mutual Pension Insurance Co lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 307,000 shares of the oil and gas company's stock after purchasing an additional 9,500 shares during the quarter. Chevron accounts for 0.5% of Ilmarinen Mutual Pension Insurance Co's investment portfolio, making the stock its 28th largest holding. Ilmarinen Mutual Pension Insurance Co's holdings in Chevron were worth $51,358,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in Chevron by 4.9% in 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 buying an additional 1,574,464 shares during the last quarter. Invesco Ltd. raised its position in Chevron by 5.5% in 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 buying an additional 827,851 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Chevron by 0.3% in 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 buying an additional 40,758 shares during the last quarter. GQG Partners LLC purchased a new stake in Chevron in the 1st quarter valued at $1,466,751,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Chevron by 7.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,497,288 shares of the oil and gas company's stock valued at $1,421,511,000 after buying an additional 573,072 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on CVX shares. Bank of America increased their price target on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday. Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, TD Cowen upped their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $164.80.

Chevron Stock Performance

CVX traded down $1.02 during trading hours on Friday, hitting $157.23. The stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,956,036. The company's fifty day simple moving average is $154.67 and its 200 day simple moving average is $148.89. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market cap of $271.69 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated 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 transaction, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

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.