Chevron Corporation $CVX Stock Position Lifted by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON ASSET MANAGEMENT UK Plc increased its stake in Chevron Corporation by 47.7% in Q2, now holding shares worth $22.4 million.
• Chevron's quarterly earnings exceeded analyst estimates, reporting $1.77 EPS against a consensus of $1.58, despite a year-over-year revenue decline of 12.4%.
• Chevron recently announced a quarterly dividend of $1.71 per share, yielding 4.5% annually, with a payout ratio of 88.03%.

AEGON ASSET MANAGEMENT UK Plc boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 47.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 156,861 shares of the oil and gas company's stock after purchasing an additional 50,670 shares during the period. AEGON ASSET MANAGEMENT UK Plc's holdings in Chevron were worth $22,448,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd grew 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 in the last quarter. Elequin Capital LP acquired a new stake in Chevron in the first quarter valued at approximately $31,000. Cloud Capital Management LLC acquired a new stake in Chevron in the first quarter valued at approximately $39,000. Investment Management Corp VA ADV lifted its stake in Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after acquiring an additional 149 shares during the last quarter. Finally, 1 North Wealth Services LLC acquired a new stake in Chevron in the first quarter valued at approximately $45,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on 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 transaction, the director 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Melius initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. Morgan Stanley initiated 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. Piper Sandler lifted their target price on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. TD Cowen lifted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Chevron currently has an average rating of "Hold" and a consensus target price of $165.40.

Chevron Price Performance

Shares of Chevron stock opened at $152.47 on Wednesday. The firm has a fifty day simple moving average of $156.12 and a 200-day simple moving average of $148.34. 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. The stock has a market capitalization of $263.47 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 1.97 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data 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 net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the company earned $2.55 earnings per share. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. On average, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given 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 yield of 4.5%. Chevron's payout ratio is 88.03%.

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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