Chevron Corporation $CVX Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its stake in Chevron Corporation by 15.3% in Q1, now holding 332,741 shares worth $55.66 million after selling 60,069 shares.
• CChevron reported earnings of $1.77 per share, surpassing expectations, while also announcing a dividend of $1.71 per share with a yield of 4.3%.
• Analysts' ratings for Chevron are mixed, with a consensus target price of $163.95, and 11 analysts

Rafferty Asset Management LLC decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 15.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 332,741 shares of the oil and gas company's stock after selling 60,069 shares during the quarter. Rafferty Asset Management LLC's holdings in Chevron were worth $55,664,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Sage Capital Advisors llc raised its holdings in Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC increased its stake in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after buying an additional 145 shares in the last quarter. Ignite Planners LLC increased its stake in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after buying an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. increased its stake in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Down 0.0%

CVX opened at $158.12 on Tuesday. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The stock has a market capitalization of $273.23 billion, a PE ratio of 20.35, a P/E/G ratio of 2.35 and a beta of 0.87. The business's 50 day moving average price is $151.45 and its 200 day moving average price is $148.64. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 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 for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the firm posted $2.55 earnings per share. The firm's quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared 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. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analysts Set New Price Targets

CVX has been the subject of several research reports. Evercore ISI reiterated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. UBS Group upped their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Melius assumed coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $163.95.

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.

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