Martingale Asset Management L P Lowers Stock Holdings in Chevron Corporation $CVX

Key Points

• Martingale Asset Management L P reduced its stake in Chevron Corporation by 4.4% in the first quarter, resulting in ownership of 169,898 shares valued at approximately $28.42 million.
• Other hedge funds increased their positions in Chevron, with notable increases from Sage Capital Advisors and CCG Wealth Management of 2.2% and 2.3% respectively.
• Chevron recently reported a quarterly earnings per share (EPS) of $1.77, exceeding estimates, amid a 12.4% year-over-year revenue decline, prompting analysts to project a full-year EPS of 10.79.

Martingale Asset Management L P lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 169,898 shares of the oil and gas company's stock after selling 7,861 shares during the period. Martingale Asset Management L P's holdings in Chevron were worth $28,422,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sage Capital Advisors llc increased its stake in Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after acquiring an additional 919 shares during the last quarter. CCG Wealth Management LLC increased its position in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares in the last quarter. Ignite Planners LLC raised its holdings in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after buying an additional 1,519 shares during the period. Vista Capital Partners Inc. lifted its position in Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after buying an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after acquiring an additional 675 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

Chevron stock opened at $152.8990 on Thursday. 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 Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a fifty day moving average price of $150.76 and a two-hundred day moving average price of $148.59. The company has a market cap of $264.21 billion, a PE ratio of 19.68, a P/E/G ratio of 2.25 and a beta of 0.87.

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, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business posted $2.55 EPS. Research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $1.71 per share. The ex-dividend date is 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%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CVX. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Redburn Atlantic reiterated a "sell" rating and issued a $124.00 price target (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, UBS Group raised their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $163.95.

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.

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