Chevron Corporation (NYSE:CVX) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp has reduced its stake in Chevron by 7.2%, owning now 815,454 shares worth approximately $136.4 million after selling 62,998 shares.
• Chevron's recent earnings report revealed $1.77 earnings per share, surpassing analyst expectations by $0.19, but representing a 12.4% decline in revenue year-over-year.
• Chevron's average stock rating among analysts is currently "Hold", with a consensus target price of $163.18, while three analysts rate it as a sell and ten recommend buying.

Mitsubishi UFJ Trust & Banking Corp lessened its position in Chevron Corporation (NYSE:CVX - Free Report) by 7.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 815,454 shares of the oil and gas company's stock after selling 62,998 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Chevron were worth $136,417,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted 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 purchasing an additional 5,382,847 shares in the last quarter. Capital World Investors boosted its holdings in shares of Chevron by 11.4% in the 4th 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 buying an additional 1,440,808 shares in the last quarter. Northern Trust Corp grew its position in shares of Chevron by 7.3% in the 4th 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. Invesco Ltd. raised its stake in shares of Chevron by 6.9% during the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock worth $2,176,579,000 after acquiring an additional 964,426 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Chevron by 27.3% during the 4th quarter. Janus Henderson Group PLC now owns 3,897,183 shares of the oil and gas company's stock worth $564,503,000 after acquiring an additional 835,990 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE CVX traded down $0.31 during trading on Friday, hitting $151.33. The company had a trading volume of 10,704,924 shares, compared to its average volume of 12,271,876. The firm has a market capitalization of $264.28 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 2.39 and a beta of 0.87. The stock has a fifty day simple moving average of $146.86 and a two-hundred day simple moving average of $148.87. 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 fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron's revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 EPS. On average, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Piper Sandler reissued an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. Scotiabank reissued a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. TD Cowen lowered their target price on shares of Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Finally, Redburn Atlantic reissued a "sell" rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Chevron has a consensus rating of "Hold" and a consensus target price of $163.18.

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.