Banque Pictet & Cie SA Grows Stake in Chevron Corporation $CVX

Key Points

• Banque Pictet & Cie SA increased its stake in Chevron Corporation by 3.6%, holding 167,524 shares worth approximately $23.99 million after acquiring an additional 5,750 shares in Q2.
• Chevron's stock has received positive ratings from several analysts, including a price target increase from UBS Group to $197, reflecting strong market optimism.
• The company recently announced a quarterly dividend of $1.71 per share, indicating an annual yield of 4.3% and a solid commitment to returning value to shareholders.

Banque Pictet & Cie SA boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,524 shares of the oil and gas company's stock after buying an additional 5,750 shares during the quarter. Banque Pictet & Cie SA's holdings in Chevron were worth $23,988,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Sage Capital Advisors llc raised its stake in Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the last quarter. CCG Wealth Management LLC grew its holdings in shares of Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after buying an additional 145 shares in the last quarter. Ignite Planners LLC raised its position in shares of Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. raised its position in shares of Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after buying an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on CVX shares. Morgan Stanley started coverage on shares of Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective for the company. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. UBS Group lifted their price objective on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Melius Research initiated coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of "Hold" and a consensus target price of $165.05.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction 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. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm'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 transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Chevron Stock Up 1.1%

Shares of NYSE:CVX opened at $160.92 on Friday. The company has a market capitalization of $278.08 billion, a price-to-earnings ratio of 20.71, a PEG ratio of 1.99 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The business has a 50-day moving average price of $155.83 and a 200 day moving average price of $149.11. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS 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 for the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the company posted $2.55 earnings per share. Chevron's revenue for the quarter was down 12.4% compared to the same quarter last year. Sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Chevron Company 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.

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