Gulf International Bank UK Ltd Sells 38,788 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Gulf International Bank UK Ltd has reduced its holdings in Chevron Corporation by 28.4%, selling 38,788 shares and now holding 97,958 shares, which represent 0.6% of its investment portfolio.
• Chevron reported $1.77 earnings per share for the most recent quarter, beating analysts' expectations, while maintaining a quarterly dividend of $1.71 per share set to be paid on September 10th.
• Chevron's stock has been rated with a mix of buy, hold, and sell ratings, with an average recommendation of "Hold" and a consensus target price of $164.11.

Gulf International Bank UK Ltd cut its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 28.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 97,958 shares of the oil and gas company's stock after selling 38,788 shares during the quarter. Chevron accounts for about 0.6% of Gulf International Bank UK Ltd's portfolio, making the stock its 26th biggest holding. Gulf International Bank UK Ltd's holdings in Chevron were worth $16,387,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CVX. Eagle Capital Management LLC grew its stake in Chevron by 0.7% in the fourth 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 grew its stake in Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after purchasing an additional 2,641 shares in the last quarter. Rossby Financial LCC bought a new position in Chevron in the fourth quarter valued at approximately $477,000. Ontario Teachers Pension Plan Board grew its stake in Chevron by 99.7% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 10,924 shares of the oil and gas company's stock valued at $1,582,000 after purchasing an additional 5,453 shares in the last quarter. Finally, AGP Franklin LLC bought a new position in Chevron in the fourth quarter valued at approximately $1,867,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

NYSE CVX traded down $0.42 during midday trading on Thursday, hitting $155.45. The company had a trading volume of 7,327,280 shares, compared to its average volume of 9,372,618. The company has a market capitalization of $268.62 billion, a PE ratio of 20.01, a P/E/G ratio of 2.31 and a beta of 0.87. 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 firm has a 50-day moving average price of $149.43 and a 200-day moving average price of $148.60. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

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

Chevron Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Evercore ISI restated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. UBS Group restated a "buy" rating and issued a $186.00 price target (up from $177.00) on shares of Chevron in a research note on Monday, August 4th. Finally, Redburn Atlantic restated a "sell" rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $164.11.

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.