IFM Investors Pty Ltd Reduces Stake in Chevron Co. (NYSE:CVX)

IFM Investors Pty Ltd decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 1.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 356,710 shares of the oil and gas company’s stock after selling 6,766 shares during the quarter. IFM Investors Pty Ltd’s holdings in Chevron were worth $52,533,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. boosted its stake in Chevron by 3.0% in the second quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company’s stock valued at $2,676,957,000 after acquiring an additional 501,969 shares in the last quarter. Capital World Investors grew its stake in Chevron by 3.2% during the 1st quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after buying an additional 495,879 shares during the last quarter. Legal & General Group Plc increased its position in Chevron by 4.9% during the second quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company’s stock worth $2,122,772,000 after buying an additional 629,644 shares during the period. Capital International Investors increased its position in Chevron by 5.9% during the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after buying an additional 743,042 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Chevron by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 13,021,023 shares of the oil and gas company’s stock valued at $2,036,846,000 after buying an additional 126,889 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of NYSE CVX opened at $150.46 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. Chevron Co. has a one year low of $135.37 and a one year high of $167.11. The firm has a market capitalization of $275.18 billion, a P/E ratio of 14.90, a PEG ratio of 3.30 and a beta of 1.09. The company’s fifty day moving average is $146.44 and its two-hundred day moving average is $153.45.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the previous year, the company posted $3.08 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Analysts forecast that Chevron Co. will post 10.86 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.33%. Chevron’s dividend payout ratio is presently 64.55%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVX. UBS Group lifted their target price on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Barclays dropped their price objective on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Bank of America assumed coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 target price for the company. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Scotiabank decreased their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $173.07.

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.