Advisors Capital Management LLC Has $99.44 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Advisors Capital Management LLC increased its stake in Chevron Corporation by 5.7% in Q1, acquiring 32,021 additional shares, bringing its total to 594,427 shares valued at $99.4 million.
• Institutional investors now own 72.42% of Chevron's stock, with notable stakes acquired by GQG Partners LLC and Canada Pension Plan Investment Board among others.
• Chevron's recent quarterly earnings showed a net income of $1.77 per share, exceeding analyst estimates, and the company has declared a quarterly dividend of $1.71, yielding 4.3%.

Advisors Capital Management LLC grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 5.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 594,427 shares of the oil and gas company's stock after acquiring an additional 32,021 shares during the period. Chevron accounts for 1.5% of Advisors Capital Management LLC's portfolio, making the stock its 9th largest holding. Advisors Capital Management LLC's holdings in Chevron were worth $99,442,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in Chevron by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after acquiring an additional 1,574,464 shares during the period. Invesco Ltd. raised its position in Chevron by 5.5% in the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after acquiring an additional 827,851 shares during the period. Dimensional Fund Advisors LP raised its position in Chevron by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock worth $2,054,513,000 after acquiring an additional 40,758 shares during the period. GQG Partners LLC bought a new position in Chevron in the first quarter worth approximately $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 first 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 worth $1,421,511,000 after acquiring an additional 573,072 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CVX shares. Evercore ISI reissued an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. TD Cowen increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $164.80.

Chevron Price Performance

Shares of NYSE:CVX traded down $1.02 on Friday, reaching $157.23. The company's stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,956,036. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a market cap of $271.69 billion, a P/E ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90. The company has a 50-day simple moving average of $154.67 and a 200 day simple moving average of $148.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 analysts' expectations of $44.59 billion. During the same period last year, the company posted $2.55 EPS. The business's revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The shares were 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 directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

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.