Chevron Corporation $CVX Shares Bought by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd increased its holdings in Chevron Corporation by 47.2%, now owning 352,360 shares valued at $50.45 million as of the latest SEC filing.
• Several other institutional investors also adjusted their positions in Chevron, with 72.42% of the company's stock now owned by institutional investors and hedge funds.
• Chevron recently announced a quarterly dividend of $1.71 per share, yielding approximately 4.4% annually, despite a decline in quarterly revenue compared to the previous year.

Ninety One UK Ltd lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 47.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 352,360 shares of the oil and gas company's stock after purchasing an additional 112,992 shares during the quarter. Ninety One UK Ltd's holdings in Chevron were worth $50,454,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the business. Greenfield Savings Bank grew its stake in shares of Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after acquiring an additional 68 shares in the last quarter. GDS Wealth Management boosted its holdings in Chevron by 4.4% in the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares during the last quarter. AIMZ Investment Advisors LLC grew its stake in Chevron by 4.2% during the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after purchasing an additional 72 shares in the last quarter. Garde Capital Inc. increased its holdings in Chevron by 3.2% during the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock worth $337,000 after purchasing an additional 72 shares during the last quarter. Finally, North Star Investment Management Corp. raised its position in shares of Chevron by 0.3% in the 2nd quarter. North Star Investment Management Corp. now owns 23,000 shares of the oil and gas company's stock valued at $3,293,000 after purchasing an additional 74 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 sale, the director 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CVX shares. UBS Group raised their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Morgan Stanley assumed coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Scotiabank reiterated a "sector perform" rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Finally, Melius initiated coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Eleven equities research 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's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $165.05.

Chevron Price Performance

Shares of NYSE:CVX opened at $154.64 on Thursday. The company has a market cap of $267.21 billion, a PE ratio of 19.90, a P/E/G ratio of 1.97 and a beta of 0.84. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a 50-day simple moving average of $156.31 and a 200 day simple moving average of $149.17. 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 earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The company 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%.Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 earnings per share. On average, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

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