Richards Merrill & Peterson Inc. Raises Stock Position in Chevron Corporation $CVX

Key Points

• Richards Merrill & Peterson Inc. increased its stake in Chemron Corporation by 12.8%, bringing its total ownership to 27,073 shares valued at $3,877,000, making it the 11th largest position in their portfolio.
• Chevron recently reported earnings of $1.77 per share for the quarter, surpassing estimates, with total revenue reaching $44.82 billion but down 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, yielding 4.4%, while its payout ratio stands at 88.03%.

Richards Merrill & Peterson Inc. boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 12.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,073 shares of the oil and gas company's stock after acquiring an additional 3,066 shares during the period. Chevron accounts for about 1.8% of Richards Merrill & Peterson Inc.'s holdings, making the stock its 11th biggest position. Richards Merrill & Peterson Inc.'s holdings in Chevron were worth $3,877,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Kingstone Capital Partners Texas LLC lifted its position in Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after purchasing an additional 1,574,464 shares during the last quarter. Invesco Ltd. lifted its position in Chevron by 5.5% during the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after purchasing an additional 827,851 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after purchasing an additional 40,758 shares during the last quarter. Finally, GQG Partners LLC bought a new stake in Chevron during the first quarter valued at approximately $1,466,751,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Down 0.6%

Shares of NYSE CVX opened at $155.63 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm's fifty day moving average is $156.04 and its 200 day moving average is $148.38. The company has a market cap of $268.92 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 4.45 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company 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 firm earned $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. On average, equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CVX shares. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Wells Fargo & Company started coverage on shares of Chevron in a report on Friday, October 17th. They issued an "overweight" rating and a $190.00 price objective for the company. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, UBS Group boosted their price objective on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $165.25.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction 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 transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on 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 transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% 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 insiders.

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.

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