The Manufacturers Life Insurance Company Trims Stake in Chevron Corporation $CVX

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Chevron Corporation (CVX) by 2.2%, selling 28,856 shares during the first quarter, leaving them with approximately 1.29 million shares valued at about $215 million.
• Multiple institutional investors increased their stakes in Chevron, with notable purchases including GQG Partners LLC acquiring approximately $1.47 billion worth of shares.
• Chevron recently announced a quarterly dividend of $1.71 per share, representing an annualized yield of 4.3% and a payout ratio of 88.03%.

The Manufacturers Life Insurance Company lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 2.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,285,635 shares of the oil and gas company's stock after selling 28,856 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.07% of Chevron worth $215,074,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. GQG Partners LLC purchased a new stake in Chevron during the first quarter valued at $1,466,751,000. Nuveen LLC purchased a new stake in Chevron in the 1st quarter worth $1,362,232,000. GAMMA Investing LLC grew its stake in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after buying an additional 5,382,847 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in Chevron by 141.2% in the 1st 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 buying an additional 1,107,628 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on 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 transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.21% of the stock is currently owned by company insiders.

Chevron Stock Performance

Shares of NYSE CVX opened at $159.29 on Friday. The company has a market cap of $275.26 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 2.36 and a beta of 0.87. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a 50-day simple moving average of $152.06 and a 200-day simple moving average of $148.80.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the previous year, the firm posted $2.55 earnings per share. The company's quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared 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. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's payout ratio is 88.03%.

Wall Street Analyst Weigh In

Several analysts have weighed in on CVX shares. Scotiabank reissued a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Mizuho dropped their price target 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. Evercore ISI reissued an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $163.95.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

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.