Fayez Sarofim & Co Has $1.01 Billion Stake in Chevron Corporation (NYSE:CVX)

Key Points

• Fayez Sarofim & Co has reduced its stake in Chevron Corporation by 3.8%, holding approximately 6 million shares worth $1.01 billion, which constitutes around 2.5% of its total portfolio.
• Chevron reported earnings of $1.77 per share in its latest quarterly results, exceeding analysts' expectations, while revenue declined 12.4% year-over-year to $44.82 billion.
• The company announced a quarterly dividend of $1.71 per share, representing an annualized yield of 4.5%, with a notable dividend payout ratio of 88.03%.

Fayez Sarofim & Co lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,004,820 shares of the oil and gas company's stock after selling 240,393 shares during the quarter. Chevron comprises approximately 2.5% of Fayez Sarofim & Co's investment portfolio, making the stock its 9th biggest holding. Fayez Sarofim & Co owned approximately 0.34% of Chevron worth $1,013,150,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Charles Schwab Investment Management Inc. grew its position in shares of 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 worth $5,592,263,000 after buying an additional 1,574,464 shares during the period. Northern Trust Corp grew its position in shares of Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after buying an additional 1,394,091 shares during the period. Ameriprise Financial Inc. boosted its stake in Chevron by 1.3% during the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after acquiring an additional 211,023 shares during the last quarter. Capital World Investors boosted its stake in Chevron by 11.4% during the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock worth $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Chevron by 2.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,755,894 shares of the oil and gas company's stock worth $1,992,406,000 after acquiring an additional 292,585 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

CVX has been the topic of several recent analyst reports. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Morgan Stanley initiated coverage on shares of Chevron in a research note on Monday. They set an "overweight" rating and a $174.00 price objective on the stock. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of "Hold" and an average target price of $164.11.

Chevron Stock Up 1.2%

Shares of NYSE CVX traded up $1.82 during midday trading on Friday, reaching $154.98. The company's stock had a trading volume of 6,331,417 shares, compared to its average volume of 12,388,930. The stock has a market capitalization of $270.66 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 2.30 and a beta of 0.87. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a 50 day simple moving average of $148.45 and a 200-day simple moving average of $148.63. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for 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 9.80%. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 earnings per share. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced 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 presently 88.03%.

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.