Sumitomo Mitsui Trust Group Inc. Sells 24,403 Shares of Chevron Corporation $CVX

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its holdings in Chevron Corporation by 0.6%, after selling 24,403 shares, bringing its total ownership to 4,150,596 shares, valued at approximately $594 million.
• A significant increase in Chevron holdings was noted from Kingstone Capital Partners Texas LLC, which boosted its stake by 652,139.5% to own over 83 million shares, valued at over $13.2 billion.
• Chevron's recent earnings report revealed earnings of $1.77 per share, exceeding analyst estimates, with a noted 12.4% year-over-year decrease in revenue.

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,150,596 shares of the oil and gas company's stock after selling 24,403 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Chevron worth $594,324,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. Kingstone Capital Partners Texas LLC boosted its stake in shares of 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 in the last quarter. GQG Partners LLC bought a new position in shares of Chevron during the first quarter valued at approximately $1,466,751,000. Nuveen LLC bought a new position in shares of Chevron during the first quarter valued at approximately $1,362,232,000. Charles Schwab Investment Management Inc. boosted its stake 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 purchasing an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after purchasing an additional 1,107,628 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Mizuho decreased their target price on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target on the stock. Piper Sandler lifted their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Finally, Melius Research started coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have given 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, the company presently has a consensus rating of "Hold" and a consensus price target of $165.25.

Insider Activity

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 375,000 shares of Chevron 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 sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Chevron Stock Up 0.2%

CVX opened at $156.90 on Friday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two 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 fifty day moving average of $156.05 and a two-hundred day moving average of $148.25. The stock has a market capitalization of $271.12 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 4.42 and a beta of 0.84.

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 analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the previous year, the company 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, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.