Chevron Corporation $CVX is FORA Capital LLC's 6th Largest Position

Key Points

• FORA Capital LLC increased its stake in Chevron Corporation by 169.4% during the first quarter, now owning 87,617 shares valued at approximately $14.7 million.
• Cumulatively, institutional investors and hedge funds own 72.42% of Chevron's stock, with significant new stakes acquired by GQG Partners LLC and Nuveen LLC, valued at over $1.4 billion each.
• Chevron's latest quarterly earnings report showed earnings per share of $1.77, exceeding analysts' expectations, while the company also declared a quarterly dividend of $1.71, yielding 4.3% annually.

FORA Capital LLC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 169.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 87,617 shares of the oil and gas company's stock after acquiring an additional 55,099 shares during the period. Chevron makes up 1.5% of FORA Capital LLC's portfolio, making the stock its 6th largest holding. FORA Capital LLC's holdings in Chevron were worth $14,657,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in CVX. Charles Schwab Investment Management Inc. increased its stake in Chevron by 4.9% in the 1st 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 last quarter. Northern Trust Corp lifted its position in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after buying an additional 1,394,091 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Chevron by 1.3% during the fourth 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 during the period. Invesco Ltd. boosted its stake in Chevron by 5.5% during 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 buying an additional 827,851 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after acquiring an additional 40,758 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.0%

Shares of NYSE:CVX traded up $0.05 on Thursday, reaching $159.29. The company had a trading volume of 6,501,985 shares, compared to its average volume of 8,245,963. The firm has a market capitalization of $275.26 billion, a PE ratio of 18.69, a PEG ratio of 2.36 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm's 50 day simple moving average is $151.84 and its 200-day simple moving average is $148.78.

Chevron (NYSE:CVX - Get Free Report) last issued 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 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 the consensus estimate of $44.59 billion. During the same quarter last year, the company earned $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company 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 $1.71 dividend. 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 payout ratio is presently 88.03%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares of the company's stock, valued at $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 SEC, which is available at this link. 0.21% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CVX has been the subject of several analyst reports. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Piper Sandler raised their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Scotiabank restated a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Morgan Stanley began coverage on Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $163.95.

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.