Short Interest in Chevron Corporation (NYSE:CVX) Decreases By 67.9%

Key Points

• Short interest in Chevron has decreased by 67.9%, dropping from 58,150,000 shares to 18,660,000 shares, indicating reduced bearish sentiment among investors.
• Chelron reported $1.77 EPS for the quarter, surpassing expectations, although its revenue was down 12.4% compared to the previous year.
• The company announced a quarterly dividend of $1.71, yielding 4.4%, with a payout ratio of 88.03%.

Chevron Corporation (NYSE:CVX - Get Free Report) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totaling 18,660,000 shares, adeclineof67.9% from the July 15th total of 58,150,000 shares. Based on an average daily volume of 9,940,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately1.1% of the company's shares are short sold. Approximately1.1% of the company's shares are short sold. Based on an average daily volume of 9,940,000 shares, the days-to-cover ratio is currently 1.9 days.

Hedge Funds Weigh In On Chevron

A number of hedge funds have recently modified their holdings of CVX. Sage Capital Advisors llc boosted its stake in shares of Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC boosted its stake in shares of Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares in the last quarter. Ignite Planners LLC boosted its stake in shares of Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after purchasing an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. boosted its stake in shares of Chevron by 9.1% during 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 in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted 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 purchasing an additional 675 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of Chevron stock traded up $1.36 on Friday, hitting $156.52. 11,613,242 shares of the company traded hands, compared to its average volume of 11,908,853. The firm's 50-day simple moving average is $150.13 and its 200 day simple moving average is $148.59. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company has a market cap of $270.46 billion, a P/E ratio of 20.14, a P/E/G ratio of 2.33 and a beta of 0.87. Chevron has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the company posted $2.55 EPS. Analysts expect that Chevron will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CVX shares. Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Scotiabank restated a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Mizuho lowered their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Evercore ISI restated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Three research 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's stock. According to MarketBeat.com, Chevron currently has a consensus rating of "Hold" and a consensus price target of $164.11.

About Chevron

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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