USS Investment Management Ltd Sells 251,200 Shares of Chevron Corporation $CVX

Key Points

• USS Investment Management Ltd has significantly reduced its stake in Chevron Corporation by 52.6%, trimming its holdings to 226,515 shares worth approximately $37.9 million.
• Chevron recently reported a quarterly EPS of $1.77, exceeding analysts' expectations, while revenue for the quarter was $44.82 billion, a 12.4% decline compared to the previous year's quarter.
• The company declared a quarterly dividend of $1.71, resulting in an annualized dividend yield of 4.4%, with a payout ratio of 88.03%.

USS Investment Management Ltd trimmed its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 52.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,515 shares of the oil and gas company's stock after selling 251,200 shares during the quarter. USS Investment Management Ltd's holdings in Chevron were worth $37,919,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd grew its holdings in 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 worth $25,000 after buying an additional 122 shares in the last quarter. 10Elms LLP bought a new position in Chevron in the 4th quarter worth approximately $29,000. Elequin Capital LP bought a new position in Chevron in the 1st quarter worth approximately $31,000. IFS Advisors LLC grew its holdings in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new position in Chevron in the 1st quarter worth approximately $39,000. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 1.9%

Shares of CVX traded up $2.91 during mid-day trading on Wednesday, reaching $157.76. The company's stock had a trading volume of 7,287,293 shares, compared to its average volume of 9,278,646. 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 1 year low of $132.04 and a 1 year high of $168.96. The business has a fifty day moving average of $154.09 and a 200 day moving average of $148.82. The company has a market cap of $272.60 billion, a price-to-earnings ratio of 20.30, a price-to-earnings-growth ratio of 2.28 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the company earned $2.55 earnings per share. Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on CVX shares. Mizuho decreased their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. HSBC lowered Chevron from a "buy" rating to a "hold" rating and decreased their price target for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Morgan Stanley started coverage on Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. Finally, UBS Group increased their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $164.80.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the firm's 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 transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the firm'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 completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

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.