Chevron Corporation (NYSE:CVX) Shares Sold by Krane Funds Advisors LLC

Krane Funds Advisors LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 9.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,740 shares of the oil and gas company’s stock after selling 186 shares during the period. Krane Funds Advisors LLC’s holdings in Chevron were worth $291,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CVX. Geode Capital Management LLC boosted its holdings in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the last quarter. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter valued at about $3,017,750,000. Northern Trust Corp grew its holdings in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares during the period. Finally, Franklin Resources Inc. raised its stake in Chevron by 0.5% during the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock worth $2,502,850,000 after purchasing an additional 79,917 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CVX shares. Piper Sandler reduced their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Wells Fargo & Company restated an “overweight” rating and set a $165.00 price target (up from $164.00) on shares of Chevron in a research report on Thursday, June 26th. Scotiabank cut shares of Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $160.00 to $143.00 in a report on Friday, April 11th. BNP Paribas lowered Chevron to a “cautious” rating in a report on Tuesday, April 15th. Finally, TD Cowen lowered their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron has an average rating of “Hold” and an average target price of $160.29.

Chevron Trading Up 1.6%

NYSE:CVX opened at $145.46 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $254.03 billion, a PE ratio of 16.62, a P/E/G ratio of 2.51 and a beta of 0.83. The stock’s 50 day moving average price is $140.56 and its 200 day moving average price is $148.08. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same period last year, the firm earned $2.93 EPS. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.70%. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

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.