GAMMA Investing LLC Decreases Holdings in Chevron Corporation $CVX

Key Points

• GAMMA Investing LLC reduced its holdings in Chevron Corporation by 15.4%, now owning 27,365 shares valued at approximately $3.92 million.
• Chevron's stock recently received analyst upgrades, with Scotiabank raising its price target to $160.00 and Morgan Stanley initiating coverage with a price target of $174.00.
• Chevron declared a quarterly dividend of $1.71 per share, yielding 4.4%, with a payout ratio of 88.03%.

GAMMA Investing LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 15.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,365 shares of the oil and gas company's stock after selling 4,964 shares during the period. GAMMA Investing LLC's holdings in Chevron were worth $3,918,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Sage Capital Advisors llc increased its holdings in shares of 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 acquiring an additional 919 shares during the last quarter. CCG Wealth Management LLC lifted 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 valued at $1,060,000 after purchasing an additional 145 shares during the last quarter. Ignite Planners LLC raised its position in Chevron by 14.1% during 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 period. Vista Capital Partners Inc. increased its position in Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after purchasing an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after acquiring an additional 675 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on CVX shares. Bank of America raised their price objective on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Piper Sandler boosted their price target on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Finally, Mizuho dropped their price target on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $165.05.

Chevron Price Performance

NYSE:CVX traded down $0.05 during midday trading on Monday, hitting $156.16. The company had a trading volume of 5,178,093 shares, compared to its average volume of 7,668,525. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $269.84 billion, a PE ratio of 20.10, a P/E/G ratio of 1.96 and a beta of 0.90. The stock's fifty day moving average price is $155.33 and its 200-day moving average price is $148.96. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.55 earnings per share. As a group, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

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.