Chevron Corporation $CVX Shares Sold by RNC Capital Management LLC

Key Points

• RNC Capital Management LLC reduced its stake in Chevron Corporation (CVX) by 0.9%, owning approximately 399,441 shares valued at $57.2 million.
• Chevron recently posted earnings of $1.77 EPS, exceeding analysts' expectations, and declared a quarterly dividend of $1.71 per share, yielding 4.4% annually.
• The company has seen renewed interest from institutional investors, with 72.42% of Chevron's stock held by them as of the latest reporting period.

RNC Capital Management LLC cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 399,441 shares of the oil and gas company's stock after selling 3,629 shares during the period. Chevron accounts for approximately 2.8% of RNC Capital Management LLC's investment portfolio, making the stock its 12th largest holding. RNC Capital Management LLC's holdings in Chevron were worth $57,196,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC grew its stake in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. GQG Partners LLC bought a new position in Chevron during the first quarter valued at about $1,466,751,000. Nuveen LLC bought a new position in Chevron during the first quarter valued at about $1,362,232,000. Charles Schwab Investment Management Inc. boosted its stake in Chevron by 4.9% during the first 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 in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Chevron by 141.2% during the first 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 in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 1.1%

Shares of Chevron stock opened at $155.45 on Thursday. The stock has a 50-day moving average price of $156.03 and a 200 day moving average price of $148.13. The company has a market cap of $268.61 billion, a P/E ratio of 20.01, a P/E/G ratio of 2.05 and a beta of 0.84. 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 1 year low of $132.04 and a 1 year high of $168.96.

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 for the quarter, topping 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 company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the business earned $2.55 EPS. The business's quarterly revenue was down 12.4% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is 88.03%.

Insider Transactions at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the firm'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 sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the firm'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 sale, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CVX shares. Melius started coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Evercore ISI reiterated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Scotiabank increased their price target on Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a research report on Thursday, October 9th. TD Cowen increased their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $160.00 price target (down previously from $170.00) on shares of Chevron in a research report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $165.25.

Chevron Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.