Wellington Management Group LLP Sells 878,482 Shares of Chevron Corporation $CVX

Key Points

• Wellington Management Group LLP reduced its stake in Chevron Corporation by 24.4%, selling 878,482 shares, and now owns 2,725,855 shares worth approximately $456 million.
• Chevron's latest quarterly earnings report indicated an EPS of $1.77, exceeding analysts' expectations, although it represented a 12.4% decline in revenue year-over-year.
• The company declared a quarterly dividend of $1.71, with a dividend yield of 4.4%, set to be paid on September 10th.

Wellington Management Group LLP lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 24.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,725,855 shares of the oil and gas company's stock after selling 878,482 shares during the period. Wellington Management Group LLP owned 0.15% of Chevron worth $456,008,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Cornerstone Select Advisors LLC boosted its position in Chevron by 2.3% during the first quarter. Cornerstone Select Advisors LLC now owns 20,034 shares of the oil and gas company's stock worth $3,351,000 after purchasing an additional 442 shares during the period. Korea Investment CORP lifted its stake in shares of Chevron by 1.9% during the 1st quarter. Korea Investment CORP now owns 1,258,455 shares of the oil and gas company's stock worth $210,527,000 after buying an additional 23,612 shares during the last quarter. Alpha Family Trust boosted its holdings in shares of Chevron by 174.4% during the 1st quarter. Alpha Family Trust now owns 3,800 shares of the oil and gas company's stock worth $636,000 after buying an additional 2,415 shares during the period. Sand Hill Global Advisors LLC boosted its holdings in shares of Chevron by 1.9% during the 1st quarter. Sand Hill Global Advisors LLC now owns 62,090 shares of the oil and gas company's stock worth $10,387,000 after buying an additional 1,185 shares during the period. Finally, Aptus Capital Advisors LLC grew its stake in Chevron by 296.7% in the 1st quarter. Aptus Capital Advisors LLC now owns 303,704 shares of the oil and gas company's stock valued at $50,807,000 after buying an additional 227,148 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Chevron stock opened at $155.44 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock has a market cap of $268.60 billion, a PE ratio of 20.01, a P/E/G ratio of 2.35 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 business's 50-day moving average price is $150.42 and its two-hundred day moving average price is $148.53.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the company posted $2.55 EPS. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVX. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and cut their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price for the company. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $164.33.

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.

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