Chevron Corporation (NYSE:CVX) Shares Sold by Versor Investments LP

Key Points

• Versor Investments LP reduced its stake in Chevron by 25.3%, selling 4,100 shares, and now holds 12,095 shares worth approximately $2.02 million.
• Chevron's recent earnings report showed an EPS of $1.77, surpassing expectations, and revenue of $44.82 billion, although down 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71 per share, which reflects a 4.4% yield, with an annualized dividend totaling $6.84.

Versor Investments LP cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 25.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,095 shares of the oil and gas company's stock after selling 4,100 shares during the period. Versor Investments LP's holdings in Chevron were worth $2,023,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Sage Capital Advisors llc grew its holdings in shares of Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC grew its holdings in shares of Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC grew its holdings in shares of Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. grew its holdings in shares of Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after purchasing an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its holdings in shares of Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Piper Sandler reiterated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Redburn Atlantic reiterated a "sell" rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Finally, Morgan Stanley initiated coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Three research 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.com, the company presently has an average rating of "Hold" and a consensus price target of $164.11.

Chevron Stock Performance

Chevron stock opened at $156.52 on Friday. The stock has a market cap of $270.46 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average of $150.13 and a 200-day moving average of $148.54. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released 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. The company had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The business's revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.55 EPS. On average, analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.