Chevron Corporation (NYSE:CVX) Raises Dividend to $1.78 Per Share

Chevron Corporation (NYSE:CVX) announced a quarterly dividend on Friday, January 30th. Investors of record on Tuesday, February 17th will be paid a dividend of 1.78 per share by the oil and gas company on Tuesday, March 10th. This represents a c) annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, February 17th. This is a 4.1% increase from Chevron’s previous quarterly dividend of $1.71.

Chevron has increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 38 consecutive years. Chevron has a dividend payout ratio of 71.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chevron to earn $12.59 per share next year, which means the company should continue to be able to cover its $6.84 annual dividend with an expected future payout ratio of 54.3%.

Chevron Stock Performance

Shares of NYSE CVX traded up $5.56 during midday trading on Friday, hitting $176.75. 22,932,963 shares of the company’s stock traded hands, compared to its average volume of 13,233,197. The firm has a fifty day moving average of $155.87 and a 200 day moving average of $155.24. Chevron has a 1 year low of $132.04 and a 1 year high of $177.30. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. The stock has a market capitalization of $355.90 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 11.83 and a beta of 0.70.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company had revenue of $45.79 billion for the quarter, compared to analysts’ expectations of $48.18 billion. During the same period last year, the firm earned $2.06 EPS. Chevron’s revenue for the quarter was down 10.2% compared to the same quarter last year. On average, analysts forecast that Chevron will post 10.79 earnings per share for the current year.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 320,700 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $162.99, for a total transaction of $52,270,893.00. Following the completion of the sale, the chief executive officer directly owned 14,450 shares in the company, valued at $2,355,205.50. This represents a 95.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director John B. Hess sold 275,000 shares of the stock in a transaction dated Thursday, November 20th. The shares were 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 of the company’s stock, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 645,924 shares of company stock worth $102,079,188. 0.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chevron

Institutional investors have recently bought and sold shares of the business. Perigon Wealth Management LLC lifted its stake in Chevron by 19.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock worth $11,406,000 after acquiring an additional 11,875 shares in the last quarter. New York State Teachers Retirement System increased its position in shares of Chevron by 15.3% during the third quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company’s stock worth $251,606,000 after acquiring an additional 215,345 shares during the period. Solitude Financial Services boosted its holdings in Chevron by 8.2% in the second quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock valued at $3,626,000 after purchasing an additional 1,913 shares during the period. Pictet North America Advisors SA purchased a new stake in Chevron during the 3rd quarter worth about $5,662,000. Finally, Shell Asset Management Co. grew its position in shares of Chevron by 21.4% during the second quarter. Shell Asset Management Co. now owns 51,115 shares of the oil and gas company’s stock worth $7,319,000 after buying an additional 9,002 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.