Korea Investment CORP Sells 125,422 Shares of Chevron Corporation $CVX

Korea Investment CORP decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 10.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,133,033 shares of the oil and gas company’s stock after selling 125,422 shares during the period. Korea Investment CORP’s holdings in Chevron were worth $162,239,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Meeder Asset Management Inc. lifted its position in shares of Chevron by 60,300.0% in the 1st quarter. Meeder Asset Management Inc. now owns 604 shares of the oil and gas company’s stock worth $101,000 after purchasing an additional 603 shares during the period. N.E.W. Advisory Services LLC raised its stake in Chevron by 15.3% in the first quarter. N.E.W. Advisory Services LLC now owns 2,396 shares of the oil and gas company’s stock worth $401,000 after buying an additional 318 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares during the period. Bayforest Capital Ltd lifted its holdings in Chevron by 85.9% in the first quarter. Bayforest Capital Ltd now owns 316 shares of the oil and gas company’s stock worth $53,000 after buying an additional 146 shares during the period. Finally, Arkadios Wealth Advisors boosted its position in Chevron by 27.8% during the 1st quarter. Arkadios Wealth Advisors now owns 104,045 shares of the oil and gas company’s stock valued at $17,406,000 after acquiring an additional 22,631 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of several research reports. Melius Research assumed 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. Bank of America upped their price target on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Piper Sandler decreased their price objective on Chevron from $171.00 to $169.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, UBS Group boosted their target price on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Ten research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $165.58.

Chevron Price Performance

CVX opened at $149.72 on Thursday. The firm has a market cap of $301.47 billion, a PE ratio of 19.27, a P/E/G ratio of 4.40 and a beta of 0.83. The stock has a 50-day moving average price of $154.25 and a 200-day moving average price of $151.10. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.71 by $0.14. The company had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.48 EPS. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. Chevron’s dividend payout ratio (DPR) is 96.20%.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the sale, the director directly owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by company insiders.

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.