Chevron Corporation $CVX is Drummond Knight Asset Management Pty Ltd's 5th Largest Position

Key Points

• Drummond Knight Asset Management Pty Ltd reduced its stake in Chevron Corporation by 4.0%, owning approximately 95,994 shares, which now constitutes about 8.1% of its portfolio.
• Several institutional investors increased their holdings in Chevron during the first quarter, with significant increases reported by Sage Capital Advisors (2.2%), CCG Wealth Management (2.3%), and Ignite Planners (14.1%).
• Chevron Corporation recently disclosed a dividend of $1.71, resulting in an annualized payout of $6.84 and a yield of 4.3%, with a dividend payout ratio of 88.03%.

Drummond Knight Asset Management Pty Ltd lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 95,994 shares of the oil and gas company's stock after selling 4,006 shares during the quarter. Chevron makes up approximately 8.1% of Drummond Knight Asset Management Pty Ltd's portfolio, making the stock its 5th biggest position. Drummond Knight Asset Management Pty Ltd's holdings in Chevron were worth $16,059,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sage Capital Advisors llc boosted its stake in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC boosted its stake in shares of Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC boosted its stake in shares of Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. boosted its stake in shares of Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after purchasing an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after purchasing an additional 675 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the 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 sale, the director directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on 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 sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CVX shares. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Evercore ISI restated an "outperform" rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Scotiabank restated a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. TD Cowen upped their target price on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $164.80.

Chevron Price Performance

CVX opened at $158.26 on Friday. The stock has a fifty day simple moving average of $154.49 and a two-hundred day simple moving average of $148.88. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company has a market cap of $273.47 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 1.99 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.55 earnings per share. Research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

About Chevron

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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