Conning Inc. Acquires 19,271 Shares of Chevron Corporation $CVX

Key Points

• Conning Inc. increased its stake in Chevron by 8.2%, now owning 255,628 shares valued at approximately $36.6 million, making Chevron its 16th largest position.
• A significant insider transaction occurred when Director John B. Hess sold 375,000 shares at an average price of $158.30, resulting in a 21.09% reduction of his position.
• Chevron reported earnings per share of $1.77 in its latest quarter, exceeding estimates and reflecting a 12.4% year-over-year decline in revenue.

Conning Inc. raised its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 255,628 shares of the oil and gas company's stock after purchasing an additional 19,271 shares during the period. Chevron comprises 1.3% of Conning Inc.'s portfolio, making the stock its 16th biggest position. Conning Inc.'s holdings in Chevron were worth $36,603,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. Kingstone Capital Partners Texas LLC raised its position in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. GQG Partners LLC bought a new stake in Chevron during the 1st quarter valued at $1,466,751,000. Nuveen LLC bought a new stake in Chevron during the 1st quarter valued at $1,362,232,000. Charles Schwab Investment Management Inc. raised 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 valued at $5,592,263,000 after purchasing an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised 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 valued at $316,483,000 after purchasing an additional 1,107,628 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Transactions at Chevron

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

Chevron Stock Down 1.7%

Shares of CVX stock opened at $149.11 on Friday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock's fifty day moving average price is $156.10 and its 200 day moving average price is $148.67. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a market cap of $257.66 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 1.95 and a beta of 0.84.

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 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 firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the previous year, the business earned $2.55 EPS. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. On average, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. Chevron's payout ratio is currently 88.03%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. UBS Group lifted their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Mizuho cut their price target on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Melius assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target on the stock. Finally, Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target on the stock. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $165.40.

About Chevron

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.