Chevron Corporation $CVX Shares Sold by Gotham Asset Management LLC

Key Points

• Gotham Asset Management LLC reduced its stake in Chevron Corporation by 35.9%, selling 70,305 shares and leaving them with 125,629 shares valued at approximately $21 million.
• Chevron recently declared a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84 and a yield of 4.3%.
• Chevron's stock has a consensus rating of "Hold" from analysts, with a current price target averaging $163.95.

Gotham Asset Management LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 35.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 125,629 shares of the oil and gas company's stock after selling 70,305 shares during the period. Gotham Asset Management LLC's holdings in Chevron were worth $21,016,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd lifted its position in Chevron by 420.7% during 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 bought a new stake in shares of Chevron in the 4th quarter worth about $29,000. Elequin Capital LP bought a new stake in shares of Chevron in the 1st quarter worth about $31,000. IFS Advisors LLC lifted its holdings in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of Chevron stock traded up $0.51 during midday trading on Monday, hitting $154.17. 9,110,595 shares of the company were exchanged, compared to its average volume of 9,273,899. The firm has a 50 day simple moving average of $153.69 and a 200-day simple moving average of $148.80. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a market cap of $266.41 billion, a P/E ratio of 19.84, a PEG ratio of 2.28 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.55 earnings per share. Research analysts forecast 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. Investors of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Scotiabank restated a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and dropped their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Evercore ISI reiterated an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Eleven investment 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's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $163.95.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate 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.