LGT Fund Management Co Ltd. Acquires 3,066 Shares of Chevron Corporation $CVX

Key Points

• LGT Fund Management Co Ltd. has increased its holdings in Chevron Corporation by 38.6% in the second quarter, now owning a total of 10,999 shares valued at approximately $1.575 million.
• Chevron reported an EPS of $1.77 for its latest quarter, exceeding analysts' expectations, while quarterly revenue decreased by 12.4% year-over-year.
• Chevron recently declared a quarterly dividend of $1.71, resulting in an annualized yield of 4.5%, with a payout ratio of 88.03%.

LGT Fund Management Co Ltd. increased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 38.6% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 10,999 shares of the oil and gas company's stock after buying an additional 3,066 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Chevron were worth $1,575,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd boosted its position in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in Chevron in the first quarter worth about $31,000. Cloud Capital Management LLC purchased a new position in Chevron in the first quarter worth about $39,000. Investment Management Corp VA ADV boosted its position in Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares during the last quarter. Finally, Cooksen Wealth LLC purchased a new position in Chevron in the first quarter worth about $43,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Up 0.1%

NYSE CVX opened at $153.59 on Friday. The stock's 50 day moving average is $156.23 and its 200 day moving average is $148.99. 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. The stock has a market cap of $265.40 billion, a PE ratio of 19.77, a P/E/G ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the firm earned $2.55 EPS. The firm's revenue was down 12.4% compared to the same quarter last year. Research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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 $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron's payout ratio is currently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

Analyst Ratings Changes

CVX has been the topic of several research reports. Mizuho dropped their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Chevron in a research report on Saturday, September 27th. Finally, Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $165.05.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.