Guinness Asset Management LTD Reduces Stock Position in Chevron Corporation $CVX

Key Points

• Guinness Asset Management LTD has reduced its stock position in Chevron Corporation by 23%, now holding 89,753 shares worth approximately $14.98 million after selling 26,818 shares in Q1.
• Multiple institutional investors, including Sage Capital Advisors and Ignite Planners LLC, have increased their stakes in Chevron, reflecting ongoing interest in the company despite some firms reducing their holdings.
• Chevron has recently declared a quarterly dividend of $1.71 per share, yielding 4.3%, and the company reported earnings of $1.77 EPS for the last quarter, exceeding analyst expectations.

Guinness Asset Management LTD decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 23.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,753 shares of the oil and gas company's stock after selling 26,818 shares during the quarter. Guinness Asset Management LTD's holdings in Chevron were worth $14,981,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sage Capital Advisors llc raised its holdings in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC raised its holdings in Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares in the last quarter. Ignite Planners LLC raised its holdings in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. increased its holdings in shares of Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after acquiring an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after acquiring an additional 675 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CVX. Melius Research began coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. UBS Group raised their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Scotiabank restated a "sector perform" rating and set a $160.00 price target (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Bank of America lifted their price objective on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Melius started coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Chevron has an average rating of "Hold" and a consensus price target of $164.80.

Chevron Stock Performance

Shares of CVX stock traded down $1.02 during trading hours on Friday, reaching $157.23. 5,545,397 shares of the company traded hands, compared to its average volume of 7,956,036. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a market cap of $271.69 billion, a P/E ratio of 20.24, a P/E/G ratio of 2.00 and a beta of 0.90. The firm has a 50-day moving average price of $154.67 and a 200 day moving average price of $148.85.

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

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred 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 sale, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

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.