Sumitomo Mitsui DS Asset Management Company Ltd Has $87.19 Million Holdings in Chevron Corporation $CVX

Key Points

• Sumitomo Mitsui DS Asset Management increased its stake in Chevron Corporation by 3.0% during Q2, holding 608,901 shares valued at approximately $87.19 million.
• Chevron reported $1.77 earnings per share for the last quarter, exceeding expectations, despite a 12.4% decline in revenue year-over-year.
• The company recently declared a quarterly dividend of $1.71 per share, with a dividend yield of 4.3% and a payout ratio of 88.03%.

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.0% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 608,901 shares of the oil and gas company's stock after acquiring an additional 17,805 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Chevron were worth $87,189,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd boosted its holdings in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares during the last quarter. 10Elms LLP acquired a new stake in shares of Chevron during the 4th quarter worth approximately $29,000. Elequin Capital LP acquired a new stake in shares of Chevron during the 1st quarter worth approximately $31,000. IFS Advisors LLC raised its position in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC acquired a new stake in shares of Chevron during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Activity

In related news, VP Alana K. Knowles sold 3,978 shares of the business'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 transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the business's 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 transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CVX. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Melius Research began coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Mizuho lowered their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Finally, Piper Sandler raised their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $165.05.

Chevron Stock Performance

Shares of Chevron stock traded down $2.73 during trading on Friday, reaching $156.11. The company's stock had a trading volume of 16,709,599 shares, compared to its average volume of 7,286,043. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The business's fifty day moving average price is $155.24 and its 200-day moving average price is $148.99. The firm has a market cap of $269.76 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The company's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is currently 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.