DnB Asset Management AS Sells 34,489 Shares of Chevron Corporation $CVX

Key Points

• DnB Asset Management AS has reduced its stake in Chevron by 7.5%, now holding 428,341 shares valued at approximately $71.7 million.
• Chevron's latest earnings report shows an EPS of $1.77, exceeding analyst estimates of $1.58, despite a 12.4% year-over-year decrease in revenue.
• 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%.

DnB Asset Management AS lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 7.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 428,341 shares of the oil and gas company's stock after selling 34,489 shares during the period. DnB Asset Management AS's holdings in Chevron were worth $71,657,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. GQG Partners LLC acquired a new position in Chevron in the 1st quarter valued at about $1,466,751,000. Nuveen LLC acquired a new position in Chevron in the 1st quarter valued at about $1,362,232,000. GAMMA Investing LLC grew its stake in Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after buying an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. grew 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 valued at $5,592,263,000 after buying an additional 1,574,464 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Chevron by 141.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after buying an additional 1,107,628 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Chevron stock traded down $3.86 during trading hours on Friday, reaching $153.83. 11,006,378 shares of the stock were exchanged, compared to its average volume of 7,504,351. The company has a market cap of $265.81 billion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 2.28 and a beta of 0.90. 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 twelve month low of $132.04 and a twelve month high of $168.96. The stock has a 50 day moving average of $153.69 and a two-hundred day moving average of $148.87.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.55 earnings per share. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's payout ratio is presently 88.03%.

Analyst Ratings Changes

A number of research analysts have commented on the company. HSBC lowered Chevron from a "buy" rating to a "hold" rating and decreased their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Piper Sandler lifted 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. Evercore ISI reiterated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Finally, Barclays reiterated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $163.95.

Insider Activity

In other Chevron 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 completion of the transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the business's 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 transaction, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

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.