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Whittier Trust Co. Grows Stake in Chevron Corporation $CVX

Chevron logo with Energy background

Key Points

  • Whittier Trust Co. increased its stake in Chevron Corporation by 5.0%, holding 402,845 shares valued at approximately $57.68 million.
  • Other institutional investors have also significantly increased their holdings in Chevron, notably Kingstone Capital Partners, which grew its stake by 652,139.5% to 83.71 million shares.
  • Chevron recently announced a quarterly dividend of $1.71 per share, with an annualized payout of $6.84 and a dividend yield of 4.4%.
  • Five stocks we like better than Chevron.

Whittier Trust Co. raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 5.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 402,845 shares of the oil and gas company's stock after acquiring an additional 19,003 shares during the period. Chevron makes up 0.7% of Whittier Trust Co.'s portfolio, making the stock its 28th biggest position. Whittier Trust Co.'s holdings in Chevron were worth $57,683,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of CVX. Kingstone Capital Partners Texas LLC grew its stake in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after acquiring an additional 83,702,101 shares during the last quarter. GQG Partners LLC bought a new position in shares of Chevron during the first quarter valued at $1,466,751,000. Nuveen LLC bought a new position in shares of Chevron during the first quarter valued at $1,362,232,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after purchasing an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Chevron by 141.2% during the first 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 purchasing an additional 1,107,628 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron 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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was 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 of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Chevron Stock Up 0.9%

Shares of CVX opened at $154.53 on Tuesday. The business's 50 day moving average is $156.05 and its 200 day moving average is $148.04. The company has a market capitalization of $267.02 billion, a PE ratio of 19.89, a price-to-earnings-growth ratio of 2.02 and a beta of 0.84. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

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

Chevron Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Bank of America upped their price target on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Scotiabank upped their price target on Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a report on Thursday, October 9th. Barclays lowered their price target on Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 7th. UBS Group upped their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $165.25.

Read Our Latest Report on Chevron

Chevron Profile

(Free Report)

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.

Further Reading

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).

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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