E Fund Management Co. Ltd. Increases Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• E Fund Management Co. Ltd. increased its investment in Chevron Corporation by 17.2%, now owning 21,915 shares valued at approximately $3.67 million.
• Chevron reported $1.77 EPS, surpassing estimates, but experienced a 12.4% decline in year-over-year revenue.
• The company declared a quarterly dividend of $1.71, with a projected annual yield of 4.4%, reflecting a payout ratio of 88.03%.

E Fund Management Co. Ltd. lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 17.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,915 shares of the oil and gas company's stock after acquiring an additional 3,213 shares during the period. E Fund Management Co. Ltd.'s holdings in Chevron were worth $3,666,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Eagle Capital Management LLC boosted its stake in Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after buying an additional 242 shares during the period. Bank Pictet & Cie Europe AG boosted its stake in Chevron by 7.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after buying an additional 2,641 shares during the period. Rossby Financial LCC bought a new stake in Chevron during the fourth quarter valued at $477,000. Ontario Teachers Pension Plan Board boosted its stake in Chevron by 99.7% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 10,924 shares of the oil and gas company's stock valued at $1,582,000 after buying an additional 5,453 shares during the period. Finally, AGP Franklin LLC bought a new stake in Chevron during the fourth quarter valued at $1,867,000. 72.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CVX shares. Evercore ISI restated an "outperform" rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. UBS Group restated a "buy" rating and set a $186.00 price target (up previously from $177.00) on shares of Chevron in a research report on Monday, August 4th. Mizuho lowered their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. TD Cowen raised 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. Finally, DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Chevron currently has an average rating of "Hold" and a consensus price target of $164.11.

Chevron Trading Down 0.3%

Shares of CVX traded down $0.42 during trading hours on Thursday, hitting $155.45. The company had a trading volume of 7,327,280 shares, compared to its average volume of 11,959,970. The firm has a market cap of $268.62 billion, a P/E ratio of 20.01, a P/E/G ratio of 2.34 and a beta of 0.87. The stock's 50 day moving average price is $149.80 and its 200 day moving average price is $148.59. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $44.82 billion for 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 company's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.55 earnings per share. On average, research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

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.