Chevron Corporation (NYSE:CVX) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its stake in Chevron by 15.4%, owning approximately 3.58 million shares valued at around $598 million after selling 649,009 shares in the first quarter.
• Chevron's first quarter earnings beat analysts' expectations with earnings per share of $1.77 on revenue of $44.82 billion, despite a year-over-year revenue decline of 12.4%.
• The company declared a quarterly dividend of $1.71 per share, expected to yield 4.5%, with a dividend payout ratio of 88.03%.

Deutsche Bank AG trimmed its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 15.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,577,881 shares of the oil and gas company's stock after selling 649,009 shares during the quarter. Deutsche Bank AG owned about 0.20% of Chevron worth $598,544,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its holdings 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 worth $25,000 after purchasing an additional 122 shares in the last quarter. 10Elms LLP acquired a new position in shares of Chevron during the 4th quarter valued at $29,000. Navigoe LLC bought a new stake in shares of Chevron in the 4th quarter worth $33,000. IFS Advisors LLC raised its stake in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new stake in shares of Chevron in the first quarter valued at $39,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

CVX opened at $152.82 on Thursday. The firm has a market capitalization of $266.89 billion, a P/E ratio of 19.67, a PEG ratio of 2.29 and a beta of 0.87. The stock has a fifty day moving average of $147.78 and a 200-day moving average of $148.71. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 12-month low of $132.04 and a 12-month 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, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.80% and a net margin of 7.02%. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 earnings per share. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared 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. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CVX. Piper Sandler reaffirmed an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Mizuho dropped their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, TD Cowen raised their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Chevron has an average rating of "Hold" and an average price target of $164.11.

About Chevron

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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