Chevron Corporation $CVX Shares Acquired by Titleist Asset Management LLC

Key Points

• Titleist Asset Management LLC increased its stake in Chevron by 7.6%, purchasing an additional 1,752 shares, bringing its total holdings to 24,738 shares valued at approximately $4.14 million.
• Insider transactions revealed that Director John B. Hess sold 375,000 shares, reducing his position by over 21%, while still retaining over 1.4 million shares worth approximately $222 million.
• Certain analysts have varied ratings for Chevron, with a consensus "Hold" rating and a target price averaging around $163.95, indicating cautious optimism about its stock performance.

Titleist Asset Management LLC boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 7.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,738 shares of the oil and gas company's stock after purchasing an additional 1,752 shares during the quarter. Titleist Asset Management LLC's holdings in Chevron were worth $4,138,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings 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 purchasing an additional 1,574,464 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Chevron by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after buying an additional 211,023 shares in the last quarter. Invesco Ltd. increased its holdings in Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after buying an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP boosted 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 purchasing an additional 40,758 shares during the last quarter. Finally, GQG Partners LLC purchased a new position in Chevron in the first quarter worth about $1,466,751,000. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.7%

Shares of NYSE CVX traded up $1.06 during mid-day trading on Tuesday, reaching $161.66. 5,287,844 shares of the company were exchanged, compared to its average volume of 9,274,003. 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 stock has a market cap of $279.34 billion, a price-to-earnings ratio of 20.81, a P/E/G ratio of 2.38 and a beta of 0.90. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a 50-day moving average of $152.56 and a 200 day moving average of $148.77.

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, beating 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 during the quarter, compared to analysts' expectations of $44.59 billion. During the same period last year, the business posted $2.55 earnings per share. The firm's revenue was down 12.4% compared to the same quarter last year. On average, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.2%. Chevron's dividend payout ratio (DPR) is 88.03%.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

CVX has been the topic of a number of analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price on the stock. Finally, Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Chevron currently has a consensus rating of "Hold" and a consensus price target of $163.95.

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.