NFJ Investment Group LLC Increases Position in Chevron Corporation $CVX

Key Points

• NFJ Investment Group LLC increased its holdings in Chevron Corporation by 2.3%, acquiring an additional 5,732 shares, bringing its total ownership to 254,094 shares valued at approximately $42.5 million.
• Chevron reported an earnings per share (EPS) of $1.77 for the last quarter, exceeding analysts' estimates of $1.58, while also declaring a quarterly dividend of $1.71 per share.
• The stock's recent performance showed a 52-week low of $132.04 and a high of $168.96, currently trading around $158.00, with a market capitalization of $273.03 billion.

NFJ Investment Group LLC boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 254,094 shares of the oil and gas company's stock after buying an additional 5,732 shares during the quarter. Chevron makes up approximately 1.4% of NFJ Investment Group LLC's portfolio, making the stock its 13th biggest position. NFJ Investment Group LLC's holdings in Chevron were worth $42,507,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CVX. GQG Partners LLC bought a new stake in Chevron during the 1st quarter worth approximately $1,466,751,000. Nuveen LLC purchased a new stake in shares of Chevron during the first quarter worth $1,362,232,000. GAMMA Investing LLC lifted its position in shares of Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Charles Schwab Investment Management Inc. lifted 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 worth $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position 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 worth $316,483,000 after buying an additional 1,107,628 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

CVX stock traded up $0.51 during midday trading on Monday, hitting $154.17. The company's stock had a trading volume of 9,458,983 shares, compared to its average volume of 9,297,794. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $266.41 billion, a price-to-earnings ratio of 19.84, a price-to-earnings-growth ratio of 2.28 and a beta of 0.90. The company has a 50 day moving average of $153.69 and a two-hundred day moving average of $148.80.

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 for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.55 earnings per share. On average, analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders 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 dividend yield of 4.4%. Chevron's dividend payout ratio is presently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction 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 $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company's stock, 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. Insiders own 0.20% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wells Fargo & Company restated an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Barclays reiterated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Hsbc Global Res cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. 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's stock. According to data from MarketBeat, Chevron presently has a consensus rating of "Hold" and an average 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.