Chevron Corporation $CVX Shares Purchased by QRG Capital Management Inc.

QRG Capital Management Inc. grew its position in shares of Chevron Corporation (NYSE:CVX) by 55.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 416,596 shares of the oil and gas company’s stock after purchasing an additional 149,270 shares during the period. Chevron accounts for about 0.5% of QRG Capital Management Inc.’s investment portfolio, making the stock its 27th largest position. QRG Capital Management Inc.’s holdings in Chevron were worth $59,652,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CVX. HF Advisory Group LLC acquired a new stake in shares of Chevron during the 1st quarter worth about $204,000. Breakwater Capital Group boosted its stake in shares of Chevron by 28.9% during the 1st quarter. Breakwater Capital Group now owns 4,387 shares of the oil and gas company’s stock worth $734,000 after purchasing an additional 983 shares during the last quarter. West Coast Financial LLC acquired a new stake in shares of Chevron during the 1st quarter worth about $205,000. Fjell Capital LLC boosted its stake in shares of Chevron by 28.5% during the 1st quarter. Fjell Capital LLC now owns 7,899 shares of the oil and gas company’s stock worth $1,321,000 after purchasing an additional 1,754 shares during the last quarter. Finally, Foster Group Inc. boosted its stake in shares of Chevron by 26.5% during the 1st quarter. Foster Group Inc. now owns 3,669 shares of the oil and gas company’s stock worth $614,000 after purchasing an additional 769 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVX has been the topic of several recent analyst reports. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Raymond James Financial reissued an “outperform” rating on shares of Chevron in a research report on Friday, August 1st. Scotiabank reissued a “sector perform” rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, UBS Group raised their price target on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Hold” and an average price target of $165.05.

Chevron Trading Up 0.1%

CVX opened at $153.59 on Friday. The firm has a market capitalization of $265.40 billion, a P/E ratio of 19.77, a P/E/G ratio of 1.98 and a beta of 0.84. The firm’s 50 day moving average is $156.23 and its 200-day moving average is $149.09. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) 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 analyst estimates 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 firm posted $2.55 earnings per share. Analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The shares were 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 owned 1,403,045 shares of the company’s stock, 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 link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction 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 position. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

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.