Nippon Life Global Investors Americas Inc. Invests $29.36 Million in Chevron Corporation $CVX

Key Points

• Nippon Life Global Investors Americas Inc. acquired 175,500 shares of Chevron Corporation for approximately $29.36 million, representing about 1.4% of its investment portfolio.
• Chevron declared a quarterly dividend of $1.71 per share, with an annualized dividend yield of 4.3%, and a payout ratio of 88.03%.
• The company's latest earnings report showed an EPS of $1.77, exceeding analysts' estimates, but revenue fell 12.4% year-over-year to $44.82 billion.

Nippon Life Global Investors Americas Inc. acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 175,500 shares of the oil and gas company's stock, valued at approximately $29,359,000. Chevron makes up approximately 1.4% of Nippon Life Global Investors Americas Inc.'s holdings, making the stock its 24th biggest position.

Other hedge funds also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd raised its stake in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in shares of Chevron during the 1st quarter worth about $31,000. 10Elms LLP acquired a new stake in shares of Chevron during the 4th quarter worth about $29,000. IFS Advisors LLC increased its position in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new stake in shares of Chevron during the 1st quarter worth about $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on 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 owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CVX shares. Scotiabank reiterated a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and dropped their target price for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Piper Sandler increased their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $163.95.

Chevron Stock Up 0.3%

CVX traded up $0.51 during trading on Monday, reaching $154.17. The company had a trading volume of 9,259,192 shares, compared to its average volume of 9,297,258. 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 business's fifty day moving average price is $153.69 and its 200 day moving average price is $148.80. The company has a market cap of $266.41 billion, a P/E ratio of 19.84, a PEG ratio of 2.28 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the previous year, the company earned $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current 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 issued a dividend of $1.71 per share. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's dividend payout ratio (DPR) is presently 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.