Woodline Partners LP Raises Stake in Chevron Corporation $CVX

Key Points

• Woodline Partners LP increased its stake in Chevron Corporation (CVX) by 40.7% in the first quarter, owning 141,200 shares valued at approximately $23.62 million.
• Chevron recently announced a quarterly dividend of $1.71 to be paid in September, representing an annualized dividend yield of 4.4%.
• The company reported a net margin of 7.02% and earnings per share of $1.77 for the last quarter, surpassing analysts' estimates while facing a 12.4% year-over-year revenue decline.

Woodline Partners LP lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 40.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 141,200 shares of the oil and gas company's stock after acquiring an additional 40,832 shares during the period. Woodline Partners LP's holdings in Chevron were worth $23,621,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Sage Capital Advisors llc boosted its position in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after buying an additional 919 shares during the last quarter. CCG Wealth Management LLC boosted its position in Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after buying an additional 145 shares during the last quarter. Ignite Planners LLC boosted its position in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. boosted its position in Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after buying an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after buying an additional 675 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

NYSE CVX traded down $1.02 during mid-day trading on Friday, hitting $157.23. The stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,956,036. The firm's 50 day moving average is $154.67 and its 200 day moving average is $148.89. Chevron Corporation has a twelve month low of $132.04 and a twelve 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 stock has a market capitalization of $271.69 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating 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 firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the company earned $2.55 EPS. The firm's revenue was down 12.4% compared to the same quarter last year. Equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Analyst Ratings Changes

A number of brokerages recently commented on CVX. Bank of America upped their target price on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday. UBS Group upped their target price on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Evercore ISI restated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $164.80.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction 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 directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction 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 transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Chevron Company 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.