Goldman Sachs Group Inc. Sells 1,009,848 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Goldman Sachs Group Inc. reduced its stake in Chevron Corporation by 10.4%, selling over 1 million shares, and now holds approximately 8.74 million shares valued at about $1.46 billion.
• Chevron's recent quarterly earnings of $1.77 per share exceeded the consensus estimate of $1.58, despite experiencing a 12.4% decline in revenue year-over-year.
• The company declared a quarterly dividend of $1.71, resulting in an annualized yield of 4.5%, with a payout ratio of 88.03% as of the last reporting period.

Goldman Sachs Group Inc. decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 10.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,740,949 shares of the oil and gas company's stock after selling 1,009,848 shares during the period. Goldman Sachs Group Inc. owned approximately 0.50% of Chevron worth $1,462,273,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CVX. GAMMA Investing LLC boosted its stake in Chevron by 21,191.5% in 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 in the last quarter. Capital World Investors boosted its stake in Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock worth $2,039,288,000 after purchasing an additional 1,440,808 shares in the last quarter. Northern Trust Corp boosted its stake in Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after purchasing an additional 1,394,091 shares in the last quarter. Janus Henderson Group PLC raised its position in Chevron by 27.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,897,183 shares of the oil and gas company's stock worth $564,503,000 after buying an additional 835,990 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Chevron by 138.2% in the 1st quarter. Jennison Associates LLC now owns 1,189,354 shares of the oil and gas company's stock worth $198,967,000 after buying an additional 690,038 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 1.2%

Chevron stock opened at $152.80 on Wednesday. The firm has a 50 day moving average of $147.44 and a 200 day moving average of $148.68. The firm has a market capitalization of $266.85 billion, a price-to-earnings ratio of 19.67, a P/E/G ratio of 2.30 and a beta of 0.87. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results 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. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The business 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 company posted $2.55 EPS. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

Analysts Set New Price Targets

CVX has been the subject of a number of recent analyst reports. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research report on Friday. Piper Sandler reissued an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research report on Tuesday, May 6th. Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, UBS Group boosted their target price on Chevron from $177.00 to $186.00 and gave the stock a "buy" rating in a research report on Monday. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $164.11.

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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