Pinnacle Associates Ltd. Has $33.52 Million Stock Position in Chevron Corporation (NYSE:CVX)

Pinnacle Associates Ltd. grew its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 200,378 shares of the oil and gas company's stock after purchasing an additional 6,341 shares during the period. Pinnacle Associates Ltd.'s holdings in Chevron were worth $33,521,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after acquiring an additional 392,916 shares in the last quarter. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp boosted its position in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after buying an additional 1,394,091 shares in the last quarter. Franklin Resources Inc. boosted its position in Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock valued at $2,502,850,000 after buying an additional 79,917 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after buying an additional 211,023 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CVX. BNP Paribas lowered shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Wells Fargo & Company raised their price target on shares of Chevron from $165.00 to $178.00 and gave the company an "overweight" rating in a research note on Wednesday. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Mizuho dropped their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Finally, HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and dropped their price target for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of "Hold" and an average target price of $162.13.

Chevron Trading Up 1.8%

NYSE CVX traded up $2.70 during mid-day trading on Thursday, reaching $155.82. 15,690,214 shares of the stock were exchanged, compared to its average volume of 11,637,524. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The stock has a 50 day simple moving average of $144.87 and a 200-day simple moving average of $148.79. The stock has a market cap of $272.12 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.54 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly 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. The business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business's quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company posted $2.93 earnings per share. On average, analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is 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.