Chevron Corporation (NYSE:CVX) Stake Reduced by Lockheed Martin Investment Management Co.

Key Points

• Lockheed Martin Investment Management Co. significantly reduced its stake in Chevron Corporation by 44.0%, selling nearly 60,000 shares in the 1st quarter.
• Analysts maintain a generally positive outlook on Chevron, with eleven buy ratings and an average price target of $164.11, while the company posted earnings of $1.77 per share, exceeding expectations.
• The recent quarterly dividend of $1.71 represents an annualized distribution of $6.84, reflecting a yield of 4.4% and a payout ratio of 88.03%.

Lockheed Martin Investment Management Co. lowered its stake in Chevron Corporation (NYSE:CVX - Free Report) by 44.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,340 shares of the oil and gas company's stock after selling 59,990 shares during the period. Lockheed Martin Investment Management Co.'s holdings in Chevron were worth $12,771,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CVX. Nuveen LLC acquired a new stake in Chevron in the first quarter valued at $1,362,232,000. 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 acquiring an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Chevron by 4.9% during 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 last quarter. Capital World Investors boosted its stake in shares of Chevron by 11.4% during 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 last quarter. Finally, Northern Trust Corp boosted its stake in shares of Chevron by 7.3% during 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 last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on CVX shares. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Morgan Stanley started coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Redburn Atlantic reiterated a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, Barclays reiterated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $164.11.

Chevron Stock Up 0.6%

NYSE CVX traded up $0.93 during mid-day trading on Tuesday, reaching $154.38. 6,641,283 shares of the company's stock traded hands, compared to its average volume of 12,062,080. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a fifty day simple moving average of $149.07 and a 200-day simple moving average of $148.55. 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 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.

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 for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter last year, the firm earned $2.55 EPS. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

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

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.