Chevron Corporation $CVX Position Lifted by Morningstar Investment Management LLC

Key Points

• Morningstar Investment Management LLC increased its stake in Chevron Corporation by 29.4% during the second quarter, owning 17,617 shares valued at approximately $2.5 million.
• Chevron recently disclosed a quarterly dividend of $1.71, equating to an annualized dividend yield of 4.5%, with a current dividend payout ratio of 88.03%.
• In its latest earnings report, Chevron beat earnings expectations with $1.77 earnings per share, despite a decline in revenue of 12.4% compared to the same quarter last year.

Morningstar Investment Management LLC raised its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 29.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,617 shares of the oil and gas company's stock after acquiring an additional 3,998 shares during the quarter. Morningstar Investment Management LLC's holdings in Chevron were worth $2,523,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. CCG Wealth Management LLC boosted its stake in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after acquiring an additional 145 shares during the last quarter. Ignite Planners LLC boosted its stake in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after acquiring an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. boosted its stake in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after acquiring an additional 495 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares during the last quarter. Finally, Capital Advisors Inc. OK lifted its position in shares of Chevron by 0.3% in the 1st quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company's stock worth $95,231,000 after buying an additional 1,755 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly 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 SEC, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CVX shares. Melius started coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Mizuho lowered their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Evercore ISI reiterated an "outperform" rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Barclays lowered their price objective on Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 7th. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $165.40.

Chevron Trading Up 2.0%

Shares of NYSE:CVX opened at $151.86 on Tuesday. The company has a market cap of $262.42 billion, a PE ratio of 19.54, a P/E/G ratio of 1.93 and a beta of 0.84. The company's 50-day moving average price is $156.12 and its 200 day moving average price is $148.31. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. 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 issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the firm posted $2.55 EPS. Sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron's dividend payout ratio (DPR) is currently 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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