LGT Group Foundation Increases Holdings in Chevron Corporation (NYSE:CVX)

Key Points

• LGT Group Foundation increased its stake in Chevron by 14.9% during the first quarter, acquiring an additional 16,501 shares and bringing its total holdings to 127,158 shares valued at approximately $21.27 million.
• Chevron's latest earnings report showed an EPS of $1.77, beating estimates of $1.58, despite a 12.4% year-over-year revenue decline.
• The firm announced a quarterly dividend of $1.71 per share, with an annualized yield of 4.5% and a dividend payout ratio of 88.03%.

LGT Group Foundation lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 14.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 127,158 shares of the oil and gas company's stock after buying an additional 16,501 shares during the period. LGT Group Foundation's holdings in Chevron were worth $21,272,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after acquiring an additional 1,574,464 shares during the last quarter. Northern Trust Corp increased its stake in Chevron by 7.3% during the 4th 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 during the period. Ameriprise Financial Inc. grew its holdings in Chevron by 1.3% during the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock worth $2,421,564,000 after acquiring an additional 211,023 shares in the last quarter. Invesco Ltd. grew its holdings in Chevron by 5.5% during the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after acquiring an additional 827,851 shares in the last quarter. Finally, Capital World Investors boosted its holdings in shares of Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after buying an additional 1,440,808 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Up 0.9%

Shares of NYSE:CVX traded up $1.36 on Friday, reaching $156.52. The company had a trading volume of 11,613,242 shares, compared to its average volume of 11,908,853. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm's 50 day simple moving average is $150.13 and its 200-day simple moving average is $148.59. The firm has a market capitalization of $270.46 billion, a PE ratio of 20.14, a PEG ratio of 2.33 and a beta of 0.87. 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 (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, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The company's revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.55 EPS. As a group, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron's dividend payout ratio (DPR) is 88.03%.

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Scotiabank reissued a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research report on Friday, July 18th. UBS Group restated a "buy" rating and issued a $186.00 price objective (up from $177.00) on shares of Chevron in a research note on Monday, August 4th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Finally, Morgan Stanley initiated coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $164.11.

Chevron 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.