First Long Island Investors LLC Has $16.40 Million Stock Position in Chevron Corporation $CVX

Key Points

• First Long Island Investors LLC has decreased its stake in Chevron Corporation by 3.7% to 98,009 shares, valued at approximately $16.4 million.
• Multiple hedge funds have made significant adjustments to their holdings in Chevron, with GAMMA Investing LLC increasing its stake by 21,191.5% during the first quarter.
• Chevron recently declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.3% and a payout ratio of 88.03%.

First Long Island Investors LLC decreased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 98,009 shares of the oil and gas company's stock after selling 3,789 shares during the quarter. First Long Island Investors LLC's holdings in Chevron were worth $16,396,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CVX. GQG Partners LLC acquired a new position in shares of Chevron during the 1st quarter worth $1,466,751,000. Nuveen LLC acquired a new position in shares of Chevron during the 1st quarter worth $1,362,232,000. GAMMA Investing LLC increased its stake in shares of Chevron by 21,191.5% during 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. Charles Schwab Investment Management Inc. increased its stake 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 purchasing an additional 1,574,464 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Chevron by 141.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after purchasing an additional 1,107,628 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analysts Set New Price Targets

CVX has been the topic of several analyst reports. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Bank of America raised their target price on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Finally, Melius began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Eleven equities 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. According to data from MarketBeat, Chevron presently has an average rating of "Hold" and an average target price of $164.80.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction on 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 completion of the sale, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Chevron Price Performance

Shares of Chevron stock opened at $158.26 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a fifty day moving average price of $154.49 and a two-hundred day moving average price of $148.88. The company has a market cap of $273.47 billion, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.99 and a beta of 0.90.

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 for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the firm earned $2.55 EPS. The business's revenue was down 12.4% on a year-over-year basis. Analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend 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 88.03%.

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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