35,275 Shares in Chevron Corporation $CVX Bought by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC has invested approximately $5.90 million in Chevron Corporation, acquiring 35,275 shares during the first quarter.
• Chemical emblematic of Chevron's performance, the company reported $1.77 earnings per share for the last quarter, surpassing estimates of $1.58, despite a year-over-year revenue decline of 12.4%.
• Chevron announced a quarterly dividend of $1.71 per share, representing an annualized dividend of $6.84 and a yield of 4.4%, with a payout ratio of 88.03%.

SCS Capital Management LLC bought a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 35,275 shares of the oil and gas company's stock, valued at approximately $5,901,000.

Several other institutional investors also recently modified their holdings of CVX. Sage Capital Advisors llc grew its position in shares of Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC grew its position in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC grew its position in shares of Chevron by 14.1% in the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. grew its position in shares of Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after purchasing an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after purchasing an additional 675 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on CVX. Evercore ISI restated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Piper Sandler increased their price objective on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of "Hold" and an average price target of $164.80.

Chevron Price Performance

NYSE:CVX traded down $1.02 during trading hours on Friday, hitting $157.23. The company's stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,956,036. The stock has a fifty day simple moving average of $154.67 and a 200-day simple moving average of $148.85. The company has a market capitalization of $271.69 billion, a P/E ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a twelve month low of $132.04 and a twelve month 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, beating the consensus estimate of $1.58 by $0.19. The business 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%.Chevron's revenue was down 12.4% compared to the same quarter last year. During the same period last year, the firm posted $2.55 earnings per share. On average, analysts anticipate 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 was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred 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 transaction, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

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.