Chevron Corporation $CVX Shares Purchased by Clark Capital Management Group Inc.

Key Points

• Clark Capital Management Group Inc. increased its holdings in Chevron Corporation by 22.5% in the first quarter, acquiring an additional 88,209 shares for a total value of approximately $80.4 million.
• Chevron recently reported earnings of $1.77 per share, exceeding analysts' expectations, despite a 12.4% decline in revenue compared to the same quarter last year.
• The company has declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.3%.

Clark Capital Management Group Inc. raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 22.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 480,738 shares of the oil and gas company's stock after acquiring an additional 88,209 shares during the period. Clark Capital Management Group Inc.'s holdings in Chevron were worth $80,423,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CVX. GQG Partners LLC purchased a new stake in shares of Chevron during the 1st quarter valued at $1,466,751,000. Nuveen LLC purchased a new stake in shares of Chevron during the 1st quarter valued at $1,362,232,000. GAMMA Investing LLC boosted its position in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after purchasing an additional 5,382,847 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Chevron by 4.9% during the 1st 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 purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in Chevron by 141.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after purchasing an additional 1,107,628 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research reports. Hsbc Global Res cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and decreased their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Piper Sandler upped their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $163.95.

Chevron Stock Down 2.4%

NYSE:CVX traded down $3.86 on Friday, reaching $153.83. The stock had a trading volume of 11,006,378 shares, compared to its average volume of 7,504,351. 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 50-day moving average of $153.69 and a 200 day moving average of $148.87. The stock has a market cap of $265.81 billion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 2.28 and a beta of 0.90. 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 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. The company had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.55 EPS. On average, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

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

Insider Transactions at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

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.