Cullinan Associates Inc. Has $16.95 Million Stake in Chevron Corporation $CVX

Key Points

• Cullinan Associates Inc. reduced its stake in Chevron Corporation by 13.9% during the 2nd quarter, holding a total of 118,357 shares valued at approximately $16.95 million.
• Chevron's recent earnings report showed $1.77 EPS, surpassing analysts' expectations, but the company's revenue declined 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, yielding 4.5%, with a payout ratio of 88.03%.

Cullinan Associates Inc. reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 13.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 118,357 shares of the oil and gas company's stock after selling 19,069 shares during the period. Chevron makes up about 1.1% of Cullinan Associates Inc.'s investment portfolio, making the stock its 24th biggest position. Cullinan Associates Inc.'s holdings in Chevron were worth $16,948,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. CCG Wealth Management LLC raised its position in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after acquiring an additional 145 shares during the period. Ignite Planners LLC raised its stake in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after buying an additional 1,519 shares during the period. Vista Capital Partners Inc. lifted its holdings in Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after acquiring an additional 495 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after acquiring an additional 675 shares during the period. Finally, Capital Advisors Inc. OK increased its holdings in shares of Chevron by 0.3% in the first quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company's stock worth $95,231,000 after acquiring an additional 1,755 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Price Performance

NYSE:CVX opened at $153.59 on Monday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a market cap of $265.40 billion, a P/E ratio of 19.77, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The stock's 50-day simple moving average is $156.23 and its 200 day simple moving average is $148.87.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company earned $2.55 earnings per share. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CVX. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Melius Research began coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Bank of America boosted their price target on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Finally, TD Cowen upped their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Chevron has an average rating of "Hold" and a consensus target price of $165.05.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

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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