MetLife Investment Management LLC Sells 9,800 Shares of Chevron Corporation $CVX

Key Points

• MetLife Investment Management LLC sold 9,800 shares of Chevron, reducing its stake by 2.2% in the first quarter, bringing its total holdings to 433,477 shares valued at $72.5 million.
• Chevron reported $1.77 EPS for the last quarter, beating estimates, with revenue of $44.82 billion, a 12.4% decline year-over-year.
• The company declared a quarterly dividend of $1.71 per share, with an annualized payout of $6.84 and a yield of 4.3%.

MetLife Investment Management LLC reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 433,477 shares of the oil and gas company's stock after selling 9,800 shares during the quarter. Chevron comprises 0.4% of MetLife Investment Management LLC's holdings, making the stock its 29th biggest position. MetLife Investment Management LLC's holdings in Chevron were worth $72,516,000 at the end of the most recent quarter.

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

Chevron Price Performance

Shares of CVX opened at $157.8970 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The stock has a 50 day simple moving average of $151.21 and a 200 day simple moving average of $148.63. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a market capitalization of $272.84 billion, a PE ratio of 20.32, a P/E/G ratio of 2.35 and a beta of 0.87.

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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the firm earned $2.55 EPS. Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. Sell-side analysts predict 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. Shareholders of record on Tuesday, August 19th will be given 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 yield of 4.3%. Chevron's dividend payout ratio is 88.03%.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of recent analyst reports. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Melius initiated coverage on Chevron in a research note on Wednesday. They issued a "hold" rating and a $155.00 price target for the company. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. TD Cowen upped their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Finally, Piper Sandler upped their price target on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Chevron presently has an average rating of "Hold" and a consensus target price of $163.95.

Chevron Company 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.

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.