Chevron Corporation (NYSE:CVX) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its holdings in Chevron Corporation by 15.4%, now owning 17,101 shares valued at approximately $2.86 million.
• Several institutional investors have changed their positions in Chevron, with Knights of Columbus Asset Advisors LLC increasing its stake by 21,406.1% to own 35,270 shares valued at around $5.9 million.
• Chevron's recent quarterly earnings reported $2.18 EPS, beating analyst expectations, but revenue of $47.61 billion fell short of the projected $49.05 billion.

Nikko Asset Management Americas Inc. reduced its stake in Chevron Corporation (NYSE:CVX - Free Report) by 15.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,101 shares of the oil and gas company's stock after selling 3,120 shares during the period. Nikko Asset Management Americas Inc.'s holdings in Chevron were worth $2,861,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CVX. GAMMA Investing LLC boosted its holdings in 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 worth $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Capital World Investors lifted its position in Chevron by 11.4% during the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock worth $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. Northern Trust Corp raised its position in shares of Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after buying an additional 1,394,091 shares during the last quarter. Invesco Ltd. increased its stake in Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock valued at $2,176,579,000 after acquiring an additional 964,426 shares during the period. Finally, Janus Henderson Group PLC grew its stake in Chevron by 27.3% during the fourth quarter. Janus Henderson Group PLC now owns 3,897,183 shares of the oil and gas company's stock worth $564,503,000 after buying an additional 835,990 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

NYSE CVX traded down $1.83 during trading hours on Wednesday, reaching $155.20. The stock had a trading volume of 2,427,299 shares, compared to its average volume of 9,435,902. The stock has a fifty day moving average of $145.88 and a 200 day moving average of $148.89. The stock has a market cap of $271.05 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.93 EPS. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is 78.17%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. BNP Paribas lowered shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Mizuho cut their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $162.13.

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.