GAMMA Investing LLC Purchases 5,382,847 Shares of Chevron Co. (NYSE:CVX)

GAMMA Investing LLC increased its position in shares of Chevron Co. (NYSE:CVX - Free Report) by 21,191.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,408,248 shares of the oil and gas company's stock after purchasing an additional 5,382,847 shares during the quarter. GAMMA Investing LLC owned approximately 0.31% of Chevron worth $904,746,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CVX. TFB Advisors LLC raised its stake in shares of Chevron by 2.4% in the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company's stock worth $411,000 after acquiring an additional 66 shares during the last quarter. W.H. Cornerstone Investments Inc. boosted its position in shares of Chevron by 1.4% in the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company's stock worth $677,000 after purchasing an additional 66 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in Chevron by 0.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company's stock valued at $2,207,000 after purchasing an additional 66 shares during the last quarter. Western Pacific Wealth Management LP raised its position in shares of Chevron by 14.9% in the 4th quarter. Western Pacific Wealth Management LP now owns 517 shares of the oil and gas company's stock valued at $75,000 after acquiring an additional 67 shares during the period. Finally, Berkeley Capital Partners LLC increased its stake in Chevron by 0.4% in the fourth quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company's stock valued at $2,572,000 after purchasing an additional 67 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX traded up $0.72 during trading hours on Monday, hitting $137.42. The company had a trading volume of 4,637,385 shares, compared to its average volume of 8,093,229. The firm has a market cap of $239.99 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.46 and a beta of 0.83. The business has a fifty day moving average of $141.88 and a 200-day moving average of $150.44. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last issued 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. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same period in the prior year, the firm earned $2.93 earnings per share. The company's revenue was down 2.3% on a year-over-year basis. Equities analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.98%. Chevron's payout ratio is currently 78.17%.

Analyst Upgrades and Downgrades

CVX has been the topic of several research analyst reports. DZ Bank downgraded shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a report on Tuesday, May 6th. Royal Bank of Canada reissued an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. Finally, Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, February 4th. Three 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's stock. According to data from MarketBeat, Chevron presently has a consensus rating of "Hold" and an average target price of $160.24.

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.