Flputnam Investment Management Co. Purchases 2,038 Shares of Chevron Corporation $CVX

Key Points

• Flputnam Investment Management Co. increased its stake in Chevron Corp by 2.1% in Q1 2023, purchasing an additional 2,038 shares, bringing its total holdings to 97,811 shares valued at approximately $16.36 million.
• Chevron's quarterly earnings showed profitability with an EPS of $1.77, exceeding estimates, while revenue was down 12.4% year-over-year at $44.82 billion.
• Chevron declared a quarterly dividend of $1.71 per share, translating to an annualized dividend of $6.84 and a yield of 4.3%, with a payout ratio currently at 88.03%.

Flputnam Investment Management Co. grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 2.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,811 shares of the oil and gas company's stock after purchasing an additional 2,038 shares during the quarter. Flputnam Investment Management Co.'s holdings in Chevron were worth $16,363,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Eagle Capital Management LLC grew its stake in Chevron by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock worth $5,011,000 after buying an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Chevron by 7.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after purchasing an additional 2,641 shares during the last quarter. AlTi Global Inc. raised its holdings in Chevron by 0.3% during the 4th quarter. AlTi Global Inc. now owns 186,949 shares of the oil and gas company's stock worth $27,691,000 after purchasing an additional 512 shares during the last quarter. Atalanta Sosnoff Capital LLC bought a new position in Chevron during the 4th quarter worth approximately $217,000. Finally, Aptus Capital Advisors LLC raised its holdings in Chevron by 42.4% during the 4th quarter. Aptus Capital Advisors LLC now owns 76,556 shares of the oil and gas company's stock worth $11,088,000 after purchasing an additional 22,783 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.21% of the stock is currently owned by insiders.

Chevron Price Performance

CVX opened at $160.64 on Friday. The stock has a fifty day simple moving average of $152.29 and a two-hundred day simple moving average of $148.78. 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 company has a market cap of $277.59 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 2.38 and a beta of 0.87. 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 posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.55 earnings per share. Research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Analysts Set New Price Targets

CVX has been the subject of several recent analyst reports. Piper Sandler raised their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Evercore ISI restated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Barclays reiterated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, Melius started coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Chevron has a consensus rating of "Hold" and a consensus price target of $163.95.

Chevron Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.