Chevron Corporation $CVX Shares Acquired by Shell Asset Management Co.

Key Points

• Shell Asset Management Co. increased its holdings in Chevron by 21.4%, acquiring an additional 9,002 shares, bringing their total to 51,115 shares valued at approximately $7.3 million.
• Director John B. Hess sold 375,000 shares at an average price of $158.30, reflecting a 21.09% decrease in his position, while VP Alana K. Knowles also sold shares, indicating insider trading activities.
• Chevron's quarterly earnings surpassed analysts' expectations with $1.77 earnings per share, but revenue was down 12.4% year-over-year, highlighting a challenging market environment.

Shell Asset Management Co. increased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 21.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,115 shares of the oil and gas company's stock after acquiring an additional 9,002 shares during the quarter. Shell Asset Management Co.'s holdings in Chevron were worth $7,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd grew its stake in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares during the period. Elequin Capital LP purchased a new position in Chevron in the first quarter worth approximately $31,000. Cloud Capital Management LLC acquired a new stake in Chevron during the first quarter worth $39,000. Investment Management Corp VA ADV increased its stake in Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 149 shares during the last quarter. Finally, 1 North Wealth Services LLC purchased a new stake in Chevron in the first quarter valued at $45,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction 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. The trade was a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company'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 sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

Chevron Stock Up 0.3%

Shares of CVX opened at $153.99 on Tuesday. The company's 50-day simple moving average is $156.19 and its 200-day simple moving average is $148.80. 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 Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market capitalization of $266.09 billion, a PE ratio of 19.82, a P/E/G ratio of 1.99 and a beta of 0.84.

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, beating 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 firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the previous year, the business posted $2.55 earnings per share. The business's quarterly revenue was down 12.4% compared to the same quarter last year. Analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CVX shares. Melius Research started coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Morgan Stanley started coverage on shares of Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 target price for the company. 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. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a report on Saturday, September 27th. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and a consensus target price of $165.05.

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.

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