RNC Capital Management LLC Has $67.43 Million Holdings in Chevron Corporation $CVX

Key Points

• RNC Capital Management LLC increased its holdings in Chevron Corporation by 1.7% in the first quarter, now owning 403,070 shares valued at approximately $67.43 million, making it the fund's second largest position.
• Chevron recently reported earnings of $1.77 per share, beating estimates of $1.58, although the firm's revenue declined 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71, reflecting an annualized yield of 4.4%, with the next payment scheduled for September 10th to shareholders of record.

RNC Capital Management LLC grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 1.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 403,070 shares of the oil and gas company's stock after acquiring an additional 6,877 shares during the quarter. Chevron makes up approximately 3.4% of RNC Capital Management LLC's holdings, making the stock its 2nd largest position. RNC Capital Management LLC's holdings in Chevron were worth $67,430,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GDS Wealth Management raised its position in Chevron by 4.4% during the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares in the last quarter. AIMZ Investment Advisors LLC increased its holdings in Chevron by 4.2% in the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after purchasing an additional 72 shares during the period. Clayton Financial Group LLC increased its holdings in Chevron by 4.6% in the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 75 shares during the period. Gill Capital Partners LLC increased its holdings in Chevron by 4.9% in the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock valued at $271,000 after purchasing an additional 75 shares during the period. Finally, Cordatus Wealth Management LLC boosted its position in Chevron by 0.4% during the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock valued at $3,299,000 after acquiring an additional 76 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

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 value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the business'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 completion of the transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. TD Cowen increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Scotiabank restated a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Melius Research started coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Finally, Mizuho cut their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $163.95.

Chevron Stock Performance

NYSE CVX opened at $153.83 on Monday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a market capitalization of $265.81 billion, a P/E ratio of 19.80, a P/E/G ratio of 2.28 and a beta of 0.90. The company has a fifty day moving average of $153.69 and a 200-day moving average of $148.80.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.55 earnings per share. As a group, equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

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