Banque Pictet & Cie SA Cuts Stake in Chevron Corporation (NYSE:CVX)

Banque Pictet & Cie SA lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 161,774 shares of the oil and gas company's stock after selling 16,679 shares during the period. Banque Pictet & Cie SA's holdings in Chevron were worth $27,063,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CVX. IMG Wealth Management Inc. bought a new position in shares of Chevron in the fourth quarter worth approximately $25,000. Life Planning Partners Inc purchased a new position in Chevron in the 4th quarter worth approximately $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron in the 4th quarter worth $29,000. 10Elms LLP purchased a new stake in shares of Chevron during the 4th quarter valued at $29,000. Finally, Fairway Wealth LLC lifted its holdings in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 88 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CVX shares. Piper Sandler raised their price target on Chevron from $162.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and cut their price target for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Barclays increased their target price on Chevron from $152.00 to $156.00 and gave the company an "equal weight" rating in a report on Monday. BNP Paribas lowered Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Finally, TD Cowen lowered their price objective on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $161.65.

Chevron Stock Up 0.8%

NYSE:CVX traded up $1.21 on Friday, reaching $155.38. 8,332,244 shares of the stock traded hands, compared to its average volume of 8,351,255. The company has a market capitalization of $271.35 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 2.59 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The company's fifty day simple moving average is $142.28 and its 200 day simple moving average is $148.33. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the company earned $2.93 EPS. The company's quarterly revenue was down 2.3% compared to the same quarter last year. Equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

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.