IFM Investors Pty Ltd Has $52.05 Million Stock Position in Chevron Corporation $CVX

Key Points

• IFM Investors Pty Ltd has reduced its stake in Chevron Corporation by 0.6%, now holding 311,131 shares worth approximately $52 million.
• Several large investors increased their positions in Chevron during the first quarter, with significant purchases from GQG Partners, Nuveen LLC, and GAMMA Investing LLC.
• Chevron reported earnings of $1.77 per share in its latest quarter, exceeding estimates, while also announcing a quarterly dividend of $1.71 per share with a yield of 4.4%.

IFM Investors Pty Ltd trimmed its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311,131 shares of the oil and gas company's stock after selling 2,005 shares during the period. Chevron comprises approximately 0.6% of IFM Investors Pty Ltd's holdings, making the stock its 26th biggest holding. IFM Investors Pty Ltd's holdings in Chevron were worth $52,049,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. GQG Partners LLC purchased a new stake in Chevron in the 1st quarter worth approximately $1,466,751,000. Nuveen LLC purchased a new stake in Chevron in the 1st quarter worth approximately $1,362,232,000. GAMMA Investing LLC grew 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 acquiring an additional 5,382,847 shares during the period. Charles Schwab Investment Management Inc. grew its stake 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 valued at $5,592,263,000 after buying an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in shares of Chevron by 141.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after buying an additional 1,107,628 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, 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 0.21% of the company's stock.

Chevron Stock Down 0.6%

Shares of NYSE:CVX traded down $1.02 during midday trading on Friday, hitting $157.23. 5,545,397 shares of the company's stock traded hands, compared to its average volume of 7,956,036. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a market cap of $271.69 billion, a PE ratio of 20.24, a P/E/G ratio of 2.00 and a beta of 0.90. The firm's fifty day moving average price is $154.67 and its two-hundred day moving average price is $148.89. 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 issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (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%. The company's revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.55 EPS. On average, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Melius assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Bank of America boosted their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday. Eleven 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 company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $164.80.

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.