Knights of Columbus Asset Advisors LLC Grows Position in Chevron Corporation $CVX

Key Points

• Knights of Columbus Asset Advisors LLC significantly increased its position in Chevron Corporation by 98.7% during Q2, owning a total of 70,075 shares valued at $10,034,000.
• Chevron's recent quarterly earnings exceeded expectations with $1.77 earnings per share (EPS), surpassing analysts' estimates of $1.58, despite a year-over-year revenue decline of 12.4%.
• Chevron announced a quarterly dividend of $1.71 per share, representing a 4.5% yield, with a payout ratio of 88.03%.

Knights of Columbus Asset Advisors LLC raised its position in Chevron Corporation (NYSE:CVX - Free Report) by 98.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,075 shares of the oil and gas company's stock after purchasing an additional 34,805 shares during the quarter. Knights of Columbus Asset Advisors LLC's holdings in Chevron were worth $10,034,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd boosted its stake in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP purchased a new stake in Chevron in the 1st quarter valued at about $31,000. Cloud Capital Management LLC bought a new position in Chevron in the 1st quarter worth about $39,000. Investment Management Corp VA ADV grew its stake in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 149 shares in the last quarter. Finally, 1 North Wealth Services LLC purchased a new position in shares of Chevron during the first quarter worth approximately $45,000. Institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CVX. TD Cowen increased their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. UBS Group increased their price target on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Scotiabank restated a "sector perform" rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Melius assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Finally, Evercore ISI reissued an "outperform" rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of "Hold" and a consensus price target of $165.05.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Chevron Price Performance

CVX opened at $153.59 on Monday. The firm has a market capitalization of $265.40 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. 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 business's 50-day moving average is $156.23 and its two-hundred day moving average is $148.87. 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 issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 7.02% and a return on equity of 9.90%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.55 EPS. Research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is 88.03%.

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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