AIA Group Ltd Sells 11,311 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• AIA Group Ltd has reduced its holdings in Chevron Corporation by 32.0% during the first quarter, now owning 24,016 shares valued at approximately $4 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, with an anticipated annual yield of 4.4%.
• Chevron's quarterly earnings surpassed expectations at $1.77 EPS, while revenue decreased by 12.4% year-over-year.

AIA Group Ltd lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 32.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,016 shares of the oil and gas company's stock after selling 11,311 shares during the period. AIA Group Ltd's holdings in Chevron were worth $4,018,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CVX. Nuveen LLC acquired a new stake in shares of Chevron in the first quarter valued at approximately $1,362,232,000. GAMMA Investing LLC increased its stake in shares of Chevron by 21,191.5% during 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. grew its position 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 worth $5,592,263,000 after buying an additional 1,574,464 shares during the last quarter. Capital World Investors grew its position in 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 worth $2,039,288,000 after buying an additional 1,440,808 shares during the last quarter. Finally, Northern Trust Corp grew its position in 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 worth $2,965,135,000 after buying an additional 1,394,091 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 0.6%

NYSE:CVX traded up $0.93 during trading hours on Tuesday, hitting $154.38. The stock had a trading volume of 6,641,283 shares, compared to its average volume of 12,062,080. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a market cap of $266.77 billion, a price-to-earnings ratio of 19.87, a P/E/G ratio of 2.30 and a beta of 0.87. The business's 50 day moving average is $149.07 and its 200-day moving average is $148.55.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating 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 the consensus estimate of $44.59 billion. During the same quarter in the prior year, the firm earned $2.55 earnings per share. The business's quarterly revenue was down 12.4% on a year-over-year basis. Sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business 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 dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CVX shares. Redburn Atlantic reaffirmed a "sell" rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Scotiabank reiterated a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Barclays reiterated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, Evercore ISI reiterated an "outperform" rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $164.11.

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.