Chevron Corporation $CVX Stock Position Boosted by Adams Natural Resources Fund Inc.

Key Points

• Adams Natural Resources Fund Inc. significantly increased its stake in Chevron Corporation by 226,909.3%, owning 510,771 shares valued at approximately $73.1 million at the end of the second quarter.
• Institutional investors control 72.42% of Chevron’s stock, with other hedge funds like Kingstone Capital Partners boosting their holdings by 652,139.5% in the same period.
• Chevron announced a quarterly dividend of $1.71, representing an annualized yield of 4.4%, with a current payout ratio of 88.03%.

Adams Natural Resources Fund Inc. lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 226,909.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 510,771 shares of the oil and gas company's stock after acquiring an additional 510,546 shares during the quarter. Chevron makes up approximately 11.6% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 2nd biggest holding. Adams Natural Resources Fund Inc.'s holdings in Chevron were worth $73,137,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. Kingstone Capital Partners Texas LLC boosted its stake in 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 valued at $13,214,757,000 after acquiring an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Chevron by 4.9% in 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 acquiring an additional 1,574,464 shares in the last quarter. Invesco Ltd. boosted its stake in Chevron by 5.5% in the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after acquiring an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Chevron by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after acquiring an additional 40,758 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in Chevron in the first quarter valued at approximately $1,466,751,000. 72.42% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade 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 insiders.

Analyst Ratings Changes

Several brokerages have weighed in on CVX. Raymond James Financial restated an "outperform" rating and issued a $160.00 target price (down from $170.00) on shares of Chevron in a research note on Friday. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. Wells Fargo & Company began coverage on shares of Chevron in a research note on Friday, October 17th. They issued an "overweight" rating and a $190.00 target price for the company. Morgan Stanley began coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price for the company. Finally, Mizuho decreased their price target on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Chevron has a consensus rating of "Hold" and a consensus target price of $165.25.

Chevron Trading Down 0.4%

NYSE CVX opened at $153.80 on Wednesday. The company has a fifty day simple moving average of $156.04 and a two-hundred day simple moving average of $148.08. The stock has a market cap of $265.76 billion, a P/E ratio of 19.79, a P/E/G ratio of 2.06 and a beta of 0.84. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. 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 (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter last year, the company posted $2.55 earnings per share. The firm's revenue was down 12.4% compared to the same quarter last year. On average, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

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

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.

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