Chevron Corporation (NYSE:CVX) Shares Sold by Prudential PLC

Key Points

• Prudential PLC has reduced its stake in Chevron Corporation by 73.2%, now holding 8,469 shares valued at approximately $1.4 million.
• Chemical giant Chevron has announced a quarterly dividend of $1.71, with a total annualized dividend yield of 4.4%.
• Chevron's stock price has a market capitalization of approximately $270.46 billion and recent earnings per share exceeded analyst expectations, reporting $1.77.

Prudential PLC decreased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 73.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,469 shares of the oil and gas company's stock after selling 23,103 shares during the quarter. Prudential PLC's holdings in Chevron were worth $1,417,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its position in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 122 shares in the last quarter. 10Elms LLP purchased a new position in Chevron during the fourth quarter valued at approximately $29,000. IFS Advisors LLC raised its position in Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares in the last quarter. Navigoe LLC purchased a new position in Chevron during the fourth quarter valued at approximately $33,000. Finally, Cloud Capital Management LLC purchased a new position in Chevron during the first quarter valued at approximately $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Analysts Set New Price Targets

CVX has been the subject of several recent research reports. UBS Group reiterated a "buy" rating and set a $186.00 price target (up from $177.00) on shares of Chevron in a research report on Monday, August 4th. Evercore ISI restated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. Mizuho cut their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and an average target price of $164.11.

Chevron Trading Up 0.9%

NYSE CVX traded up $1.36 on Friday, reaching $156.52. 11,613,242 shares of the company were exchanged, compared to its average volume of 11,908,853. The business's fifty day moving average price is $150.13 and its 200 day moving average price is $148.54. The stock has a market capitalization of $270.46 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $44.82 billion for 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 firm's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.55 earnings per share. Analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

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.