Corebridge Financial Inc. Sells 32,248 Shares of Chevron Corporation $CVX

Key Points

• Corebridge Financial Inc. has decreased its stake in Chevron Corporation by 7.0%, owning 429,125 shares after selling 32,248 shares in the first quarter, which now constitutes 0.4% of its portfolio.
• Chevron reported earnings of $1.77 per share, surpassing estimates, but experienced a 12.4% drop in quarterly revenue compared to the previous year.
• The company has declared a quarterly dividend of $1.71 per share, with an annualized payout of $6.84, resulting in a dividend yield of 4.3%.

Corebridge Financial Inc. cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 429,125 shares of the oil and gas company's stock after selling 32,248 shares during the quarter. Chevron comprises about 0.4% of Corebridge Financial Inc.'s holdings, making the stock its 27th largest position. Corebridge Financial Inc.'s holdings in Chevron were worth $71,788,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in Chevron by 4.9% in 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 buying an additional 1,574,464 shares in the last quarter. Northern Trust Corp boosted its position 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 buying an additional 1,394,091 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after purchasing an additional 211,023 shares during the period. Invesco Ltd. lifted its holdings in Chevron by 5.5% during the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after buying an additional 827,851 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock worth $2,054,513,000 after purchasing an additional 40,758 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Up 0.9%

NYSE CVX traded up $1.47 during trading hours on Friday, reaching $160.79. 3,195,694 shares of the company traded hands, compared to its average volume of 9,276,442. The company has a 50 day moving average of $152.06 and a two-hundred day moving average of $148.80. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market capitalization of $277.83 billion, a PE ratio of 20.69, a PEG ratio of 2.36 and a beta of 0.87.

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

Chevron Dividend Announcement

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

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on CVX. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. DZ Bank downgraded shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average 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.