Chevron Corporation $CVX Position Lessened by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. reduced its stake in Chevron by 28.8%, selling 17,134 shares and leaving it with 42,275 shares valued at approximately $7.07 million.
• Despite the reduction by Panagora, other hedge funds like Charles Schwab and Invesco have increased their positions in Chevron during the same quarter, indicating continued institutional interest.
• Chevron recently declared a quarterly dividend of $1.71 per share, offering an annualized yield of 4.3%, with a payout ratio of 88.03%.

Panagora Asset Management Inc. trimmed its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 28.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,275 shares of the oil and gas company's stock after selling 17,134 shares during the quarter. Panagora Asset Management Inc.'s holdings in Chevron were worth $7,072,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd lifted its holdings in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares during the period. Elequin Capital LP acquired a new stake in shares of Chevron in the 1st quarter valued at approximately $31,000. 10Elms LLP acquired a new stake in shares of Chevron in the 4th quarter valued at approximately $29,000. 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 valued at $36,000 after buying an additional 116 shares during the period. Finally, Cloud Capital Management LLC acquired a new position in Chevron during the first quarter worth $39,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CVX shares. Melius started coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Mizuho reduced their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a report on Friday, August 1st. TD Cowen raised their price target on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Finally, UBS Group raised their price target on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Eleven 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, the stock has an average rating of "Hold" and a consensus target price of $163.95.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.20% of the company's stock.

Chevron Trading Down 2.4%

CVX stock traded down $3.84 during trading on Wednesday, reaching $157.99. 8,504,041 shares of the stock traded hands, compared to its average volume of 9,275,440. The business's 50 day moving average price is $152.93 and its 200-day moving average price is $148.86. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market capitalization of $273.01 billion, a PE ratio of 20.33, a P/E/G ratio of 2.38 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (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 firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the business earned $2.55 earnings per share. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business 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. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron's payout ratio is 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.