Chevron Corporation (NYSE:CVX) Shares Bought by Rathbones Group PLC

Key Points

• Rathbones Group PLC increased its holdings in Chevron Corporation by 0.6%, bringing its ownership to 699,540 shares worth approximately $117 million as of the end of the first quarter.
• Chevron recently reported earnings of $1.77 EPS for the most recent quarter, exceeding estimates, but noted a 12.4% decline in revenue compared to the same quarter last year.
• The company announced a $1.71 quarterly dividend with a yield of 4.5%, which will be paid on September 10th to shareholders of record by August 19th.

Rathbones Group PLC increased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 699,540 shares of the oil and gas company's stock after acquiring an additional 4,293 shares during the quarter. Rathbones Group PLC's holdings in Chevron were worth $117,026,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. Nuveen LLC purchased a new stake in shares of Chevron in the first quarter valued at $1,362,232,000. GAMMA Investing LLC raised its stake in shares of Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of 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 during the period. Capital World Investors raised its stake in shares of Chevron by 11.4% in the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after acquiring an additional 1,440,808 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.9%

Shares of Chevron stock traded up $1.36 on Friday, reaching $156.52. The stock had a trading volume of 11,576,590 shares, compared to its average volume of 9,386,726. The company has a 50 day moving average price of $149.80 and a 200 day moving average price of $148.59. The company has a quick ratio of 0.74, a current ratio of 1.00 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 $270.46 billion, a P/E ratio of 20.14, a P/E/G ratio of 2.34 and a beta of 0.87.

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 (EPS) 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 firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the firm earned $2.55 EPS. The company's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Morgan Stanley started coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of "Hold" and a consensus price target of $164.11.

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.