Clough Capital Partners L P Purchases 60,590 Shares of Chevron Corporation $CVX

Key Points

• Clough Capital Partners L P significantly increased its stake in Chevron Corporation by 571.6%, holding 71,190 shares valued at approximately $11.91 million by the end of the most recent quarter.
• Several institutional investors made moves in Chevron stock, with 72.42% of its shares owned by institutional funds, indicating strong market interest in the company.
• Chevron declared a quarterly dividend of $1.71 per share, translating to an annualized dividend of $6.84 and a yield of 4.3%, highlighting its commitment to returning value to shareholders.

Clough Capital Partners L P lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 571.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 71,190 shares of the oil and gas company's stock after acquiring an additional 60,590 shares during the quarter. Chevron makes up about 1.5% of Clough Capital Partners L P's portfolio, making the stock its 28th biggest holding. Clough Capital Partners L P's holdings in Chevron were worth $11,909,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Driehaus Capital Management LLC bought a new position in shares of Chevron during the 1st quarter worth approximately $349,000. Canada Pension Plan Investment Board boosted its stake in shares of 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 acquiring an additional 1,107,628 shares during the period. WPG Advisers LLC bought a new position in shares of Chevron during the 1st quarter worth approximately $307,000. TD Capital Management LLC boosted its stake in shares of Chevron by 12.2% during the 1st quarter. TD Capital Management LLC now owns 1,070 shares of the oil and gas company's stock worth $179,000 after acquiring an additional 116 shares during the period. Finally, Gerber Kawasaki Wealth & Investment Management boosted its stake in shares of Chevron by 13.4% during the 1st quarter. Gerber Kawasaki Wealth & Investment Management now owns 5,516 shares of the oil and gas company's stock worth $923,000 after acquiring an additional 651 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of CVX traded up $1.32 during trading hours on Monday, hitting $160.64. 6,932,144 shares of the company were exchanged, compared to its average volume of 7,870,647. The company has a market cap of $277.59 billion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 2.38 and a beta of 0.90. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm's fifty day moving average is $152.29 and its 200 day moving average is $148.73.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the company earned $2.55 EPS. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. On average, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was 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 directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVX. Mizuho reduced their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. TD Cowen boosted their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research note on Friday, August 1st. Finally, UBS Group boosted their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $163.95.

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.