GAM Holding AG Increases Stock Position in Chevron Corporation (NYSE:CVX)

GAM Holding AG grew its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 24.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,193 shares of the oil and gas company's stock after acquiring an additional 2,187 shares during the quarter. GAM Holding AG's holdings in Chevron were worth $1,872,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Stonegate Investment Group LLC boosted its holdings in shares of Chevron by 1.3% in the first quarter. Stonegate Investment Group LLC now owns 790,099 shares of the oil and gas company's stock worth $132,176,000 after buying an additional 9,795 shares during the last quarter. Appleton Partners Inc. MA raised its stake in Chevron by 12.6% during the 1st quarter. Appleton Partners Inc. MA now owns 3,684 shares of the oil and gas company's stock worth $616,000 after acquiring an additional 411 shares during the period. Mizuho Securities Co. Ltd. raised its position in shares of Chevron by 440.0% during the first quarter. Mizuho Securities Co. Ltd. now owns 1,080 shares of the oil and gas company's stock valued at $181,000 after buying an additional 880 shares during the last quarter. PFG Investments LLC raised its position in shares of Chevron by 0.5% during the first quarter. PFG Investments LLC now owns 48,624 shares of the oil and gas company's stock valued at $8,134,000 after buying an additional 223 shares during the last quarter. Finally, Advocate Group LLC raised its position in shares of Chevron by 2.0% during the first quarter. Advocate Group LLC now owns 64,062 shares of the oil and gas company's stock valued at $10,717,000 after buying an additional 1,284 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. BNP Paribas lowered shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Piper Sandler dropped their price objective on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 price objective (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Barclays lowered shares of Chevron from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Stock Performance

CVX stock opened at $149.36 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The business has a 50-day moving average price of $139.37 and a 200 day moving average price of $148.65. The company has a market capitalization of $260.84 billion, a P/E ratio of 17.07, a PEG ratio of 2.63 and a beta of 0.83. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm's quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.93 earnings per share. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.58%. Chevron's dividend payout ratio is presently 78.17%.

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.

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