Zurich Insurance Group Ltd FI Lowers Stock Holdings in Chevron Corporation $CVX

Key Points

• Zurich Insurance Group Ltd FI has decreased its holdings in Chevron Corporation by 10.9%, owning 495,593 shares worth approximately $82.9 million after selling 60,348 shares in the first quarter.
• Chevron reported better-than-expected earnings of $1.77 EPS, surpassing analyst estimates of $1.58, although revenue declined 12.4% compared to the previous year.
• The company has announced a quarterly dividend of $1.71 per share, with a dividend yield of 4.4%, set to be paid on September 10th.

Zurich Insurance Group Ltd FI reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 10.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 495,593 shares of the oil and gas company's stock after selling 60,348 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Chevron were worth $82,908,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CVX. Sage Capital Advisors llc boosted its position in shares of 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 worth $7,097,000 after acquiring an additional 919 shares during the last quarter. CCG Wealth Management LLC raised its stake in Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC raised its stake in Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. boosted its holdings in shares of Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after purchasing an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of Chevron by 0.5% during the 1st 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 period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 0.3%

Shares of Chevron stock opened at $154.17 on Tuesday. The business has a 50-day moving average of $153.91 and a 200-day moving average of $148.78. 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 company has a market capitalization of $266.41 billion, a PE ratio of 19.84, a P/E/G ratio of 2.28 and a beta of 0.90. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the company earned $2.55 earnings per share. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analyst Upgrades and Downgrades

CVX has been the topic of several research reports. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Melius initiated coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. Scotiabank reissued a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. TD Cowen lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Finally, Piper Sandler boosted their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $163.95.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

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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