Pacer Advisors Inc. Has $576.55 Million Stock Position in Chevron Corporation (NYSE:CVX)

Key Points

• Pacer Advisors Inc. reduced its stake in Chevron Corporation by 10.8%, selling 415,771 shares and holding 3,446,407 shares, which now represents about 1.3% of its portfolio.
• Certain investment firms such as USAdvisors Wealth Management and Avantax Advisory Services have made significant acquisitions of Chevron shares, increasing their stakes during the first quarter.
• Chevron reported $2.18 earnings per share for the latest quarter, exceeding analysts' expectations by $0.03, while revenue of $47.61 billion fell short of projections.

Pacer Advisors Inc. trimmed its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,446,407 shares of the oil and gas company's stock after selling 415,771 shares during the period. Chevron comprises about 1.3% of Pacer Advisors Inc.'s holdings, making the stock its 4th biggest holding. Pacer Advisors Inc. owned 0.20% of Chevron worth $576,549,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Eagle Capital Management LLC increased its position in Chevron by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock worth $5,011,000 after purchasing an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG increased its position in Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after purchasing an additional 2,641 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in Chevron in the 4th quarter worth about $66,000. Financial Engines Advisors L.L.C. increased its position in Chevron by 40.7% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 9,447 shares of the oil and gas company's stock worth $1,368,000 after purchasing an additional 2,731 shares during the last quarter. Finally, Ausdal Financial Partners Inc. increased its position in Chevron by 88.7% in the 4th quarter. Ausdal Financial Partners Inc. now owns 12,990 shares of the oil and gas company's stock worth $1,881,000 after purchasing an additional 6,107 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

NYSE:CVX traded down $0.03 during mid-day trading on Tuesday, hitting $156.25. 1,882,577 shares of the company's stock traded hands, compared to its average volume of 9,453,601. The firm has a 50 day moving average of $145.48 and a two-hundred day moving average of $148.84. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a market capitalization of $272.88 billion, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 2.44 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the company earned $2.93 EPS. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.38%. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Wall Street Analyst Weigh In

CVX has been the topic of a number of analyst reports. Mizuho lowered their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Scotiabank reissued a "sector perform" rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. TD Cowen cut their price objective on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. BNP Paribas downgraded Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Finally, Wells Fargo & Company upped their price objective on shares of Chevron from $165.00 to $178.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Chevron presently has a consensus rating of "Hold" and an average target price of $162.13.

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.