Sepio Capital LP Trims Stake in Chevron Corporation $CVX

Key Points

• Sepio Capital LP reduced its holdings in Chevron Corporation by 9.5% during the 1st quarter, now owning 24,893 shares valued at approximately $4.16 million.
• Director John B. Hess sold 375,000 shares of Chevron for about $59.36 million, which represents a significant decrease in his ownership of the stock.
• Chevron announced a quarterly dividend of $1.71 per share, translating to an annualized yield of 4.4%, with a payout ratio of 88.03%.

Sepio Capital LP cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,893 shares of the oil and gas company's stock after selling 2,617 shares during the quarter. Sepio Capital LP's holdings in Chevron were worth $4,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares in the last quarter. 10Elms LLP bought a new stake in Chevron during the fourth quarter worth about $29,000. Elequin Capital LP purchased a new position in shares of Chevron in the 1st quarter worth about $31,000. IFS Advisors LLC increased its position in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new position in shares of Chevron during the 1st quarter valued at about $39,000. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. Bank of America upped their target price on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday. TD Cowen boosted their price objective on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Melius assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Finally, Morgan Stanley assumed coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $164.80.

Insider Transactions at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a filing 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 that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents 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 owned by insiders.

Chevron Trading Up 0.3%

Shares of Chevron stock traded up $0.47 on Thursday, hitting $158.26. The stock had a trading volume of 6,416,577 shares, compared to its average volume of 8,002,029. 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 one year low of $132.04 and a one year high of $168.96. The stock's 50-day simple moving average is $154.49 and its two-hundred day simple moving average is $148.88. The stock has a market cap of $273.47 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 1.99 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.55 EPS. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend 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.