First Hawaiian Bank Trims Position in Chevron Corporation $CVX

Key Points

• First Hawaiian Bank reduced its stake in Chevron Corporation (NYSE:CVX) by 53.8% in Q1, owning only 11,905 shares worth approximately $1.99 million at the end of the period.
• Chevron reported $1.77 EPS for the most recent quarter, exceeding estimates and experiencing a 12.4% decline in revenue year-over-year.
• The company recently declared a quarterly dividend of $1.71 per share, yielding 4.4%, with a payout ratio of 88.03%.

First Hawaiian Bank reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 53.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,905 shares of the oil and gas company's stock after selling 13,852 shares during the period. First Hawaiian Bank's holdings in Chevron were worth $1,992,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd grew its position in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in shares of Chevron in the 4th quarter worth approximately $29,000. Elequin Capital LP bought a new stake in shares of Chevron in the 1st quarter worth approximately $31,000. IFS Advisors LLC grew its position in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the 1st quarter worth approximately $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other 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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Chevron Stock Down 0.6%

Chevron stock traded down $1.02 during mid-day trading on Friday, hitting $157.23. The company had a trading volume of 5,545,397 shares, compared to its average volume of 7,652,500. 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 stock's 50 day moving average price is $154.67 and its two-hundred day moving average price is $148.85. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a market capitalization of $271.69 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 1.98 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's payout ratio is currently 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. Morgan Stanley initiated coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target on the stock. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Scotiabank restated a "sector perform" rating and set a $160.00 price target (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, Piper Sandler lifted their price target on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $164.80.

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.