Chevron Corporation $CVX Shares Bought by Viking Fund Management LLC

Key Points

• Viking Fund Management LLC increased its holdings in Chemron Corporation by 29.1%, now holding 151,000 shares worth approximately $21.62 million, making it the fund's fourth largest holding.
• Several institutional investors have recently adjusted their positions in Chevron, contributing to an overall 72.42% ownership by institutional investors and hedge funds.
• Chevron recently announced a quarterly dividend of $1.71 per share, yielding 4.4%, with a payout ratio of 88.03%.

Viking Fund Management LLC raised its position in Chevron Corporation (NYSE:CVX - Free Report) by 29.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,000 shares of the oil and gas company's stock after acquiring an additional 34,000 shares during the quarter. Chevron accounts for about 3.0% of Viking Fund Management LLC's investment portfolio, making the stock its 4th largest holding. Viking Fund Management LLC's holdings in Chevron were worth $21,622,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its holdings in shares of Chevron by 420.7% during 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 during the last quarter. Elequin Capital LP bought a new position in shares of Chevron during the 1st quarter valued at 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 worth $36,000 after purchasing an additional 116 shares during the last quarter. Cloud Capital Management LLC acquired a new position in shares of Chevron during the 1st quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV grew its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was 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 directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CVX. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Mizuho dropped their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Morgan Stanley started coverage on Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price for the company. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $165.05.

Chevron Trading Down 1.7%

Shares of Chevron stock traded down $2.73 on Friday, hitting $156.11. 16,709,599 shares of the company's stock traded hands, compared to its average volume of 7,286,043. The stock has a market capitalization of $269.76 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The firm's 50-day moving average price is $155.24 and its two-hundred day moving average price is $148.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $44.59 billion. During the same period last year, the firm earned $2.55 earnings per share. The business'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 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared 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 of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's payout ratio 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.