Te Ahumairangi Investment Management Ltd Cuts Stake in Chevron Corporation $CVX

Key Points

• Te Ahumairangi Investment Management Ltd reduced its stake in Chevron Corporation by 9.3%, selling 1,600 shares and holding 15,599 shares valued at approximately $2.61 million.
• Chevron's quarterly earnings report showed an EPS of $1.77, surpassing estimates, despite a 12.4% decline in revenue year-over-year.
• Chevron declared a quarterly dividend of $1.71 per share, representing an annual yield of 4.3% and a payout ratio of 88.03%.

Te Ahumairangi Investment Management Ltd lessened its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 9.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,599 shares of the oil and gas company's stock after selling 1,600 shares during the period. Te Ahumairangi Investment Management Ltd's holdings in Chevron were worth $2,610,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd raised its position in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new position in shares of Chevron in the 1st quarter valued at approximately $31,000. 10Elms LLP acquired a new position in shares of Chevron in the 4th quarter valued at approximately $29,000. IFS Advisors LLC raised its position in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVX. Hsbc Global Res cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Mizuho lowered their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Scotiabank reissued a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Barclays reissued an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. 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 stock. Based on data from MarketBeat.com, Chevron presently has an average rating of "Hold" and a consensus price target of $163.95.

Insider Transactions at Chevron

In other news, 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 value 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. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.21% of the company's stock.

Chevron Trading Up 0.8%

Shares of NYSE:CVX traded up $1.32 during trading on Monday, reaching $160.64. The stock had a trading volume of 6,932,144 shares, compared to its average volume of 7,870,647. The stock has a market cap of $277.59 billion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 2.38 and a beta of 0.90. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm's fifty day moving average is $152.29 and its 200 day moving average is $148.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

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 firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the firm earned $2.55 earnings per share. The business's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Chevron Company 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.