Chevron Corporation $CVX Shares Purchased by First Financial Bankshares Inc

Key Points

• First Financial Bankshares Inc has increased its stake in Chevron Corporation by 0.9%, acquiring an additional 5,495 shares and making Chevron its 10th largest holding, worth approximately $104.6 million.
• Chevron announced a quarterly dividend of $1.71 per share, representing a yield of 4.3%, with the payout scheduled for September 10th following an ex-dividend date of August 19th.
• Despite a year-over-year revenue drop of 12.4%, Chevron reported earnings per share of $1.77, exceeding analysts' expectations by $0.19.

First Financial Bankshares Inc increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 625,317 shares of the oil and gas company's stock after buying an additional 5,495 shares during the period. Chevron comprises approximately 2.3% of First Financial Bankshares Inc's investment portfolio, making the stock its 10th largest holding. First Financial Bankshares Inc's holdings in Chevron were worth $104,609,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd lifted its position in shares of Chevron by 420.7% during 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 in the last quarter. Elequin Capital LP acquired a new position in shares of Chevron during the first quarter valued at approximately $31,000. 10Elms LLP acquired a new position in shares of Chevron during the fourth quarter valued at approximately $29,000. IFS Advisors LLC raised its holdings in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.0%

NYSE:CVX traded down $0.06 during trading hours on Thursday, reaching $158.00. 5,106,081 shares of the stock were exchanged, compared to its average volume of 9,268,786. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average of $153.22 and a two-hundred day moving average of $148.92. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a market capitalization of $273.03 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 2.38 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results 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 return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the firm earned $2.55 earnings per share. The firm's revenue was down 12.4% compared to the same quarter last year. On average, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. Chevron's dividend payout ratio is currently 88.03%.

Analysts Set New Price Targets

A number of equities analysts have commented on CVX shares. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Melius assumed coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Finally, Scotiabank restated a "sector perform" rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $163.95.

Insiders Place Their Bets

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

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.