Fred Alger Management LLC Buys 4,108 Shares of Chevron Corporation $CVX

Key Points

• Fred Alger Management LLC increased its stake in Chevron Corporation by 6.2% during the first quarter, resulting in ownership of 70,715 shares valued at approximately $11.83 million.
• Insider selling included VP Alana K. Knowles selling 3,978 shares and director John B. Hess selling 375,000 shares, marking significant decreases in their respective positions.
• Chevron announced a quarterly dividend of $1.71 per share, reflecting a 4.4% yield and a payout ratio of 88.03%.

Fred Alger Management LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 6.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 70,715 shares of the oil and gas company's stock after buying an additional 4,108 shares during the quarter. Fred Alger Management LLC's holdings in Chevron were worth $11,830,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CVX. Bank Pictet & Cie Europe AG lifted its stake in shares of 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 buying an additional 2,641 shares during the last quarter. Algert Global LLC raised its stake in Chevron by 21.9% in the 4th quarter. Algert Global LLC now owns 3,010 shares of the oil and gas company's stock worth $436,000 after purchasing an additional 540 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in Chevron in the 4th quarter worth about $7,741,000. Laraway Financial Advisors Inc raised its stake in Chevron by 14.4% in the 4th quarter. Laraway Financial Advisors Inc now owns 1,420 shares of the oil and gas company's stock worth $206,000 after purchasing an additional 179 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC acquired a new stake in Chevron in the 4th quarter worth about $62,424,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Morgan Stanley assumed coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Barclays reiterated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. 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 data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average target price of $164.80.

Chevron Price Performance

CVX stock traded up $0.31 during mid-day trading on Thursday, hitting $158.10. The stock had a trading volume of 4,218,539 shares, compared to its average volume of 9,249,178. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a market capitalization of $273.20 billion, a P/E ratio of 20.37, a P/E/G ratio of 2.30 and a beta of 0.90. The firm has a fifty day simple moving average of $154.29 and a 200 day simple moving average of $148.88.

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, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the firm earned $2.55 EPS. The business's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, research analysts forecast 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. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. Chevron's payout ratio is 88.03%.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron 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 directly owned 1,403,045 shares in the company, valued at $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. Insiders own 0.21% of the company's stock.

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.