Intech Investment Management LLC Sells 11,413 Shares of Chevron Corporation $CVX

Key Points

• Intech Investment Management LLC has reduced its holdings in Chevron Corporation by 19.7%, selling 11,413 shares and retaining 46,445 shares valued at approximately $7.77 million.
• Citing a quarterly dividend of $1.71 per share, Chevron had a dividend yield of 4.3%, with a payout ratio of 88.03% as announced on September 10th.
• Chevron's recent earnings report indicated a quarterly revenue of $44.82 billion, surpassing analyst expectations, though it reflects a 12.4% decline compared to the same quarter last year.

Intech Investment Management LLC trimmed its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 19.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,445 shares of the oil and gas company's stock after selling 11,413 shares during the quarter. Intech Investment Management LLC's holdings in Chevron were worth $7,770,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sage Capital Advisors llc boosted its holdings in Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC boosted its holdings in shares of Chevron by 2.3% during 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 during the period. Ignite Planners LLC boosted 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 valued at $2,060,000 after acquiring an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. boosted its position in Chevron by 9.1% during the 1st 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 raised its holdings in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 0.3%

Shares of Chevron stock opened at $158.26 on Friday. The stock has a market cap of $273.47 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 1.99 and a beta of 0.90. The firm's 50-day moving average is $154.49 and its two-hundred day moving average is $148.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced 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 analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company posted $2.55 EPS. As a group, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CVX shares. Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research note on Friday, August 1st. Finally, Bank of America lifted their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $164.80.

Insiders Place Their Bets

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 transaction of $59,362,500.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm'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 value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

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.

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