Korea Investment CORP Has $210.53 Million Holdings in Chevron Corporation $CVX

Key Points

• Korea Investment CORP has increased its stake in Chevron Corporation by 1.9%, acquiring an additional 23,612 shares, bringing its total holdings to 1,258,455 shares valued at approximately $210.5 million.
• Chevron reported a quarterly earnings per share of $1.77 and a revenue of $44.82 billion, surpassing analysts' expectations for both metrics, despite a year-over-year revenue decline of 12.4%.
• The company has declared a quarterly dividend of $1.71 per share, indicating a 4.4% yield, with a payout ratio of 88.03% as it continues to focus on returning value to shareholders.

Korea Investment CORP grew its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,258,455 shares of the oil and gas company's stock after buying an additional 23,612 shares during the quarter. Chevron comprises 0.5% of Korea Investment CORP's holdings, making the stock its 29th biggest position. Korea Investment CORP owned about 0.07% of Chevron worth $210,527,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of CVX. Charles Schwab Investment Management Inc. lifted its holdings in Chevron by 4.9% in 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 acquiring an additional 1,574,464 shares during the last quarter. Northern Trust Corp boosted its holdings in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after buying an additional 1,394,091 shares in the last quarter. Ameriprise Financial Inc. grew its position in Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after buying an additional 211,023 shares during the last quarter. Invesco Ltd. grew its position in Chevron by 5.5% in the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after buying an additional 827,851 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Chevron by 2.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,755,894 shares of the oil and gas company's stock valued at $1,992,406,000 after buying an additional 292,585 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

CVX has been the topic of a number of recent research reports. Scotiabank restated a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Mizuho decreased their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Melius started coverage on shares of Chevron in a research note on Wednesday. They set a "hold" rating and a $155.00 price objective for the company. Finally, UBS Group lifted their target price on shares of Chevron from $186.00 to $197.00 and gave the stock 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 issued a Sell rating to the company. According to MarketBeat.com, Chevron presently has an average rating of "Hold" and a consensus price target of $163.95.

Chevron Stock Up 1.3%

CVX traded up $1.9460 on Thursday, reaching $155.1660. 7,519,805 shares of the company traded hands, compared to its average volume of 9,354,119. The company has a market cap of $268.13 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 2.25 and a beta of 0.87. 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 stock's 50 day moving average price is $150.76 and its 200-day moving average price is $148.59. Chevron Corporation has a 52-week low of $132.04 and a 52-week 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter last year, the business posted $2.55 EPS. The company's revenue for the quarter was down 12.4% on a year-over-year basis. On average, sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company 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 dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is 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.