Gabelli Funds LLC Has $52.20 Million Stake in Chevron Corporation $CVX

Key Points

• Gabelli Funds LLC reduced its stake in Chevron Corporation by 3.6%, selling 11,612 shares and holding a total of 312,001 shares valued at approximately $52.2 million.
• Chevron reported quarterly earnings of $1.77 per share, surpassing estimates, but experienced a 12.4% year-over-year revenue decline, totaling $44.82 billion.
• The company declared a quarterly dividend of $1.71 per share, which will yield 4.3% annually, with a payout ratio of 88.03%.

Gabelli Funds LLC cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 312,001 shares of the oil and gas company's stock after selling 11,612 shares during the period. Gabelli Funds LLC's holdings in Chevron were worth $52,195,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Eagle Capital Management LLC raised its holdings in shares of Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after purchasing an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Chevron by 7.9% in 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 acquiring an additional 2,641 shares during the period. Parkshore Wealth Management Inc. bought a new stake in Chevron during the 4th quarter valued at approximately $389,000. Bellwether Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter worth $51,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Chevron by 2.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,314,491 shares of the oil and gas company's stock valued at $190,391,000 after purchasing an additional 30,906 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron 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 in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Melius Research started coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $163.95.

Chevron Price Performance

Shares of Chevron stock traded up $0.05 during mid-day trading on Thursday, reaching $159.29. 6,501,985 shares of the stock were exchanged, compared to its average volume of 8,245,963. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a market cap of $275.26 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 2.36 and a beta of 0.87. The firm has a 50-day simple moving average of $151.84 and a 200 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.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.55 earnings per share. On average, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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