Front Street Capital Management Inc. Lowers Position in Chevron Corporation $CVX

Key Points

• Front Street Capital Management Inc. reduced its holdings in Chevron by 65.8% in the first quarter, resulting in ownership of only 3,231 shares worth approximately $541,000.
• Chevron recently reported $1.77 EPS for the quarter, exceeding analysts' expectations of $1.58, despite a 12.4% decrease in revenue compared to the same quarter the previous year.
• The company announced a quarterly dividend of $1.71 per share, translating to a yield of 4.4%, with the ex-dividend date set for August 19th.

Front Street Capital Management Inc. lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 65.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,231 shares of the oil and gas company's stock after selling 6,221 shares during the period. Front Street Capital Management Inc.'s holdings in Chevron were worth $541,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position 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 valued at $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Invesco Ltd. raised its position in shares of Chevron by 5.5% during the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after buying an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Chevron by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after buying an additional 40,758 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Chevron during the 1st quarter valued at about $1,466,751,000. Finally, Nuveen LLC purchased a new stake in shares of Chevron during the 1st quarter valued at about $1,362,232,000. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $153.83 on Friday. The firm has a market cap of $265.81 billion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 2.28 and a beta of 0.90. The firm's 50 day simple moving average is $153.69 and its 200-day simple moving average is $148.87. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the company posted $2.55 earnings per share. The company's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the 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 $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was 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. 0.21% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Barclays reiterated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Melius began coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Finally, Melius Research began coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $163.95.

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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