Brandywine Global Investment Management LLC Decreases Stake in Chevron Corporation (NYSE:CVX)

Brandywine Global Investment Management LLC lowered its position in Chevron Corporation (NYSE:CVXFree Report) by 39.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 874,436 shares of the oil and gas company’s stock after selling 579,448 shares during the period. Chevron accounts for approximately 1.1% of Brandywine Global Investment Management LLC’s portfolio, making the stock its 19th biggest holding. Brandywine Global Investment Management LLC’s holdings in Chevron were worth $146,284,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Howard Wealth Management LLC purchased a new position in Chevron in the 1st quarter valued at $217,000. Aberdeen Group plc lifted its holdings in Chevron by 83.4% in the 1st quarter. Aberdeen Group plc now owns 856,947 shares of the oil and gas company’s stock valued at $144,049,000 after purchasing an additional 389,684 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Chevron by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock valued at $2,054,513,000 after purchasing an additional 40,758 shares in the last quarter. Horizon Investments LLC lifted its holdings in Chevron by 2.3% in the 1st quarter. Horizon Investments LLC now owns 38,509 shares of the oil and gas company’s stock valued at $6,442,000 after purchasing an additional 859 shares in the last quarter. Finally, Azimuth Capital Investment Management LLC lifted its holdings in Chevron by 22.6% in the 1st quarter. Azimuth Capital Investment Management LLC now owns 98,364 shares of the oil and gas company’s stock valued at $16,455,000 after purchasing an additional 18,123 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.3%

Shares of NYSE:CVX opened at $155.45 on Friday. The business has a 50-day moving average price of $149.80 and a 200 day moving average price of $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 capitalization of $268.62 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 2.34 and a beta of 0.87. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVXGet Free Report) last issued its quarterly earnings data 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. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the company earned $2.55 EPS. Sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. HSBC lowered Chevron from a “buy” rating to a “hold” rating and decreased their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Redburn Atlantic reiterated a “sell” rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Wells Fargo & Company reiterated an “overweight” rating and set a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Finally, Barclays reiterated an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Three equities 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 stock. According to MarketBeat, Chevron has an average rating of “Hold” and a consensus price target of $164.11.

Read Our Latest Research Report on CVX

Chevron Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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