Chevron Corporation $CVX Stake Lessened by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of Chevron Corporation (NYSE:CVX) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,285,635 shares of the oil and gas company’s stock after selling 28,856 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Chevron were worth $215,074,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. GQG Partners LLC acquired a new stake in Chevron in the 1st quarter valued at about $1,466,751,000. Nuveen LLC acquired a new position in Chevron in the first quarter worth approximately $1,362,232,000. GAMMA Investing LLC grew its holdings in Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after purchasing an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in 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 during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in 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 during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In related news, 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 transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.21% of the stock is owned by corporate insiders.

Chevron Stock Up 0.0%

CVX stock opened at $159.29 on Friday. The stock has a fifty day moving average of $152.06 and a 200-day moving average of $148.80. The company has a market capitalization of $275.26 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 2.36 and a beta of 0.87. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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. The company had revenue of $44.82 billion for 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%.Chevron’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period last year, the firm posted $2.55 EPS. As a group, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron’s dividend payout ratio is 88.03%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CVX. Melius Research initiated coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Hsbc Global Res cut Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Evercore ISI reaffirmed an “outperform” rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Morgan Stanley initiated coverage on Chevron in a research note on Monday, August 4th. They issued an “overweight” rating and a $174.00 price target on the stock. Finally, HSBC cut Chevron from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $163.95.

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.