Russell Investments Group Ltd. Increases Stake in Chevron Corporation (NYSE:CVX)

Key Points

• Russell Investments Group Ltd. increased its holdings in Chevron Corporation by 9.0%, owning a total of 1,137,615 shares worth approximately $190.3 million as of the latest SEC filing.
• A variety of hedge funds have also adjusted their positions in Chevron, with 72.42% of the stock currently owned by institutional investors.
• Certain analysts have given mixed ratings for Chevron, with a buy rating from UBS Group and an upgraded price target of $186.00, while DZ Bank downgraded to a sell rating with a target of $130.00.

Russell Investments Group Ltd. boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 9.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,137,615 shares of the oil and gas company's stock after purchasing an additional 93,623 shares during the period. Russell Investments Group Ltd. owned approximately 0.06% of Chevron worth $190,298,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in shares of Chevron during the first quarter valued at about $1,362,232,000. GAMMA Investing LLC increased its position in shares of Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 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 acquiring an additional 1,574,464 shares during the last quarter. Capital World Investors increased its position in shares of Chevron by 11.4% during the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock valued at $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of recent analyst reports. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and dropped their price target for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Piper Sandler restated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Redburn Atlantic restated a "sell" rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $164.11.

Chevron Stock Performance

CVX stock traded up $1.36 on Friday, hitting $156.52. The company's stock had a trading volume of 11,613,242 shares, compared to its average volume of 11,908,853. The firm has a 50 day moving average of $150.13 and a two-hundred day moving average of $148.59. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market cap of $270.46 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 2.33 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 (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating 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 firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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