Commerzbank Aktiengesellschaft FI Acquires 256,208 Shares of Chevron Corporation $CVX

Key Points

• Commerzbank Aktiengesellschaft FI increased its stake in Chevron Corporation by 45.4%, acquiring an additional 256,208 shares in the second quarter, raising its total holdings to 820,348 shares.
• Chevron reported a quarterly earnings per share of $1.77, beating analysts' estimates, although revenue decreased 12.4% from the previous year.
• The company declared a quarterly dividend of $1.71 per share, representing an annual yield of 4.5%, with a payout ratio of 88.03%.

Commerzbank Aktiengesellschaft FI increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 45.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 820,348 shares of the oil and gas company's stock after acquiring an additional 256,208 shares during the quarter. Chevron makes up about 2.7% of Commerzbank Aktiengesellschaft FI's holdings, making the stock its 11th largest position. Commerzbank Aktiengesellschaft FI's holdings in Chevron were worth $117,466,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Harvest Fund Management Co. Ltd lifted its holdings in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the period. Elequin Capital LP purchased a new position in shares of Chevron during the 1st quarter valued at $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron during the 1st quarter valued at $39,000. Investment Management Corp VA ADV lifted its position in shares of Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares during the last quarter. Finally, GFG Capital LLC purchased a new position in shares of Chevron during the 2nd quarter valued at $42,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of NYSE CVX opened at $151.63 on Friday. The firm has a market capitalization of $262.02 billion, a P/E ratio of 19.51, a P/E/G ratio of 1.98 and a beta of 0.84. 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 stock's 50-day simple moving average is $156.15 and its two-hundred day simple moving average is $148.79. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

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

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron's dividend payout ratio is 88.03%.

Analyst Ratings Changes

CVX has been the topic of a number of recent research reports. UBS Group upped their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Chevron in a research report on Wednesday. TD Cowen upped their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Piper Sandler upped their price target on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Chevron has an average rating of "Hold" and an average target price of $165.40.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the 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 transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Chevron 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.

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