LVM Capital Management Ltd. MI Reduces Stock Position in Chevron Corporation $CVX

Key Points

• LVM Capital Management Ltd. MI decreased its stake in Chevron Corporation by 5.5%, now owning 48,788 shares valued at approximately $6.99 million.
• Significant institutional investment activity was noted, with GQG Partners LLC acquiring a new stake valued at $1.47 billion in the first quarter.
• Chevron recently reported earnings of $1.77 per share, exceeding analyst expectations, despite a 12.4% year-over-year revenue decline.

LVM Capital Management Ltd. MI lowered its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,788 shares of the oil and gas company's stock after selling 2,815 shares during the quarter. LVM Capital Management Ltd. MI's holdings in Chevron were worth $6,986,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. GQG Partners LLC bought a new stake in Chevron during the 1st quarter valued at $1,466,751,000. Nuveen LLC purchased a new position in shares of Chevron during the first quarter valued at $1,362,232,000. GAMMA Investing LLC raised its holdings in shares of Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 4.9% in the first 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 in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Chevron by 141.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after acquiring an additional 1,107,628 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction dated Friday, August 29th. The shares were 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 in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. Morgan Stanley initiated coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Piper Sandler lifted their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $164.80.

Chevron Trading Down 0.6%

Shares of NYSE:CVX opened at $157.23 on Friday. The business's 50-day moving average is $154.67 and its 200 day moving average is $148.89. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a market capitalization of $271.69 billion, a P/E ratio of 20.24, a P/E/G ratio of 2.00 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results 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. 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 analyst estimates of $44.59 billion. During the same period in the prior year, the company posted $2.55 EPS. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. On average, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend 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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