DRW Securities LLC Reduces Holdings in Chevron Corporation $CVX

Key Points

• DRW Securities LLC reduced its stake in Chemron Corporation by 31.6%, selling 2,998 shares and ending the first quarter with holdings worth $1,088,000.
• Chevron recently announced a quarterly dividend of $1.71, which will be paid on September 10th, representing an annualized yield of 4.3%.
• Analyst ratings for Chevron show a mixed consensus, with eleven analysts rating the stock as a Buy, eight as a Hold, and three as a Sell, alongside a consensus price target of $163.95.

DRW Securities LLC cut its position in Chevron Corporation (NYSE:CVX - Free Report) by 31.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,503 shares of the oil and gas company's stock after selling 2,998 shares during the period. DRW Securities LLC's holdings in Chevron were worth $1,088,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of CVX. GQG Partners LLC acquired a new position in shares of Chevron in the 1st quarter valued at $1,466,751,000. Nuveen LLC acquired a new position in shares of Chevron in the 1st quarter valued at $1,362,232,000. GAMMA Investing LLC boosted its holdings in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after buying an additional 5,382,847 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 valued at $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Chevron by 141.2% in 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 buying an additional 1,107,628 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Price Performance

Shares of CVX traded down $3.84 during trading hours on Wednesday, reaching $157.99. The company had a trading volume of 8,520,823 shares, compared to its average volume of 9,294,089. The firm has a 50 day simple moving average of $152.93 and a 200-day simple moving average of $148.86. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $273.01 billion, a price-to-earnings ratio of 20.33, a PEG ratio of 2.38 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business 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 business's revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.55 EPS. Research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

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

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Melius assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Evercore ISI reiterated an "outperform" rating and set a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a research note on Tuesday, May 6th. Finally, UBS Group increased their price target on shares of Chevron from $186.00 to $197.00 and gave the stock 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target 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.