Ferguson Wellman Capital Management Inc. Raises Stock Holdings in Chevron Corporation $CVX

Key Points

• Ferguson Wellman Capital Management Inc. raised its stake in Chevron Corporation by 1.8%, now holding 744,153 shares valued at approximately $106.6 million, making it the firm's 16th largest position.
• Chevron's recent quarterly earnings showed $1.77 earnings per share, exceeding analyst expectations and revenue of $44.82 billion, despite a year-over-year decline in revenue.
• The company announced a $1.71 quarterly dividend, resulting in an annualized yield of 4.3%, with a payout ratio of 88.03% as reported from its most recent financial disclosures.

Ferguson Wellman Capital Management Inc. boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 744,153 shares of the oil and gas company's stock after purchasing an additional 13,178 shares during the quarter. Chevron makes up 1.9% of Ferguson Wellman Capital Management Inc.'s holdings, making the stock its 16th largest position. Ferguson Wellman Capital Management Inc.'s holdings in Chevron were worth $106,555,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in Chevron by 4.9% during the first 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 purchasing an additional 1,574,464 shares in the last quarter. Invesco Ltd. boosted its position 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 purchasing an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in 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. GQG Partners LLC purchased a new position in Chevron during the first quarter worth approximately $1,466,751,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Chevron by 7.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,497,288 shares of the oil and gas company's stock valued at $1,421,511,000 after acquiring an additional 573,072 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

CVX stock opened at $159.98 on Thursday. The business has a fifty day moving average of $155.13 and a two-hundred day moving average of $148.94. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock has a market cap of $276.44 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. 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 issued its quarterly earnings data 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 business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company's revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.55 earnings per share. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Piper Sandler raised their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Evercore ISI restated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Finally, Mizuho decreased their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $165.05.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business's 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 represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

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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