Jacobi Capital Management LLC Has $6.55 Million Position in Chevron Corporation $CVX

Key Points

• Jacobi Capital Management LLC increased its stake in Chevron Corporation by 4.5% during Q1, owning 39,130 shares worth approximately $6.55 million.
• Chevron declared a quarterly dividend of $1.71 per share, yielding around 4.3%, with a total annualized dividend of $6.84.
• Despite reporting a 12.4% year-over-year decrease in revenue, Chevron exceeded earnings expectations with $1.77 EPS versus a consensus estimate of $1.58.

Jacobi Capital Management LLC grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,130 shares of the oil and gas company's stock after purchasing an additional 1,680 shares during the quarter. Jacobi Capital Management LLC's holdings in Chevron were worth $6,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sage Capital Advisors llc grew its holdings in shares of 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 valued at $7,097,000 after acquiring an additional 919 shares in the last quarter. CCG Wealth Management LLC boosted its holdings in shares of 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 acquiring an additional 145 shares during the period. Ignite Planners LLC boosted its holdings in shares of 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 acquiring an additional 1,519 shares during the period. Vista Capital Partners Inc. boosted its stake in 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 buying an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its stake in 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 buying an additional 675 shares during the period. 72.42% of the stock is owned by institutional investors.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The stock was 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 $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Melius assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Evercore ISI reissued an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Scotiabank restated a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, Bank of America raised their price target on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $164.80.

Chevron Stock Up 1.9%

CVX opened at $157.76 on Thursday. The company has a market cap of $272.60 billion, a P/E ratio of 20.30, a P/E/G ratio of 2.30 and a beta of 0.90. The business's 50-day moving average price is $154.29 and its 200-day moving average price is $148.88. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm 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 company's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.55 earnings per share. On average, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

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.

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