PKO Investment Management Joint Stock Co Has $7.06 Million Stock Position in Chevron Corporation $CVX

Key Points

• PKO Investment Management Joint Stock Co increased its stake in Chevron Corporation by 4.9%, owning approximately $7.06 million worth of shares as of the latest filing.
• Chevron announced a quarterly dividend of $1.71 per share, representing a yield of 4.4%, with a current dividend payout ratio of 88.03%.
• Despite beating earnings estimates with an EPS of $1.77, Chevron's revenue was down 12.4% year-over-year, indicating a decline in performance compared to the previous year.

PKO Investment Management Joint Stock Co raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 4.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,273 shares of the oil and gas company's stock after purchasing an additional 2,300 shares during the quarter. PKO Investment Management Joint Stock Co's holdings in Chevron were worth $7,055,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CVX. Harvest Fund Management Co. Ltd raised its position in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP bought a new stake in Chevron during the 1st quarter valued at approximately $31,000. IMG Wealth Management Inc. lifted its holdings in shares of Chevron by 52.3% during the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company's stock valued at $38,000 after purchasing an additional 91 shares during the last quarter. Cloud Capital Management LLC bought a new stake in shares of Chevron in the 1st quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV raised its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 149 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Down 0.6%

CVX opened at $155.63 on Friday. The firm has a 50-day simple moving average of $156.04 and a two-hundred day simple moving average of $148.38. 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 company has a market capitalization of $268.92 billion, a PE ratio of 20.03, a price-to-earnings-growth ratio of 4.45 and a beta of 0.84. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results 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. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business's revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.55 EPS. Analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CVX has been the subject of a number of research reports. Wells Fargo & Company initiated coverage on shares of Chevron in a research note on Friday, October 17th. They set an "overweight" rating and a $190.00 target price for the company. Melius began coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Morgan Stanley began coverage on Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Piper Sandler upped their price objective on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, Bank of America upped their price objective on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average target price of $165.25.

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.

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