Fifth Third Bancorp Sells 41,472 Shares of Chevron Corporation $CVX

Key Points

• Fifth Third Bancorp reduced its holdings in Chevron by 4.9%, selling 41,472 shares during the last quarter, leaving them with 796,576 shares valued at approximately $114 million.
• Chevron reported $1.77 EPS for the last quarter, exceeding estimates, but its quarterly revenue declined 12.4% year-over-year to $44.82 billion.
• The company announced a quarterly dividend of $1.71 per share, yielding 4.3%, with a payout ratio of 88.03%.

Fifth Third Bancorp lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 796,576 shares of the oil and gas company's stock after selling 41,472 shares during the quarter. Fifth Third Bancorp's holdings in Chevron were worth $114,062,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVX. Kingstone Capital Partners Texas LLC increased its holdings in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after buying an additional 83,702,101 shares during the period. GQG Partners LLC bought a new stake in shares of Chevron in the 1st quarter worth about $1,466,751,000. Nuveen LLC bought a new stake in shares of Chevron in the 1st quarter worth about $1,362,232,000. GAMMA Investing LLC grew 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 worth $904,746,000 after purchasing an additional 5,382,847 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew 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 worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.8%

Shares of NYSE CVX opened at $157.29 on Wednesday. The firm's 50-day simple moving average is $155.46 and its 200 day simple moving average is $149.02. The company has a market cap of $271.80 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90. 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 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate 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 9.90%. The firm's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.55 EPS. On average, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron's dividend payout ratio is presently 88.03%.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company'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 transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the topic of several analyst reports. Piper Sandler upped their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Melius initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average price target of $165.05.

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.

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