Graham Capital Management L.P. Invests $594,000 in Chevron Corporation $CVX

Key Points

• Graham Capital Management L.P. has made a new investment in Chevron Corporation, acquiring 3,552 shares valued at approximately $594,000 during the first quarter.
• Chevron recently declared a quarterly dividend of $1.71 per share, with an annualized dividend yield of 4.4%, reflecting the company's ongoing commitment to providing returns to shareholders.
• The company has reported quarterly earnings of $1.77 per share, surpassing analyst estimates, although its revenue saw a 12.4% decline year-over-year.

Graham Capital Management L.P. bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,552 shares of the oil and gas company's stock, valued at approximately $594,000.

Several other hedge funds have also recently added to or reduced their stakes in CVX. Charles Schwab Investment Management Inc. increased its holdings 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 worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Invesco Ltd. grew its stake in Chevron by 5.5% in 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 during the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 worth $2,054,513,000 after acquiring an additional 40,758 shares during the period. GQG Partners LLC bought a new position in shares of Chevron during the first quarter valued at $1,466,751,000. Finally, Nuveen LLC acquired a new stake in Chevron in the first quarter worth $1,362,232,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Price Performance

NYSE:CVX traded down $0.08 during mid-day trading on Monday, hitting $153.58. The company's stock had a trading volume of 3,710,535 shares, compared to its average volume of 9,264,222. 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 capitalization of $265.39 billion, a price-to-earnings ratio of 19.77, a P/E/G ratio of 2.28 and a beta of 0.90. 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 stock has a fifty day moving average of $153.69 and a 200-day moving average of $148.80.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.55 EPS. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insider Activity

In other 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 transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company's 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 owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVX. Melius began coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Melius Research assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. UBS Group boosted their target price on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven equities research 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. According to data from MarketBeat, Chevron currently has an average rating of "Hold" and an average target price 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.