ACR Alpine Capital Research LLC Has $346.40 Million Stake in Chevron Corporation $CVX

ACR Alpine Capital Research LLC boosted its stake in Chevron Corporation (NYSE:CVX) by 10.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,419,150 shares of the oil and gas company’s stock after buying an additional 225,583 shares during the period. Chevron accounts for approximately 6.2% of ACR Alpine Capital Research LLC’s investment portfolio, making the stock its 8th largest holding. ACR Alpine Capital Research LLC’s holdings in Chevron were worth $346,398,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its position in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP acquired a new stake in shares of Chevron in the first quarter valued at approximately $31,000. IMG Wealth Management Inc. raised its holdings in shares of Chevron by 52.3% during the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 91 shares during the last quarter. Cloud Capital Management LLC acquired a new position in shares of Chevron during the first quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV grew its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after buying an additional 149 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

NYSE:CVX opened at $155.38 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $156.03 and its 200 day moving average price is $148.55. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a market cap of $268.49 billion, a P/E ratio of 20.00, a PEG ratio of 4.42 and a beta of 0.84.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the company earned $2.55 EPS. Chevron’s revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s 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 sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Scotiabank lifted their target price on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. Evercore ISI reissued an “outperform” rating and set a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Melius Research began coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Bank of America raised their target price on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Finally, Piper Sandler upped their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron currently has a consensus rating of “Hold” and an average price target of $165.25.

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.