Jennison Associates LLC Buys 690,038 Shares of Chevron Corporation (NYSE:CVX)

Jennison Associates LLC boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 138.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,189,354 shares of the oil and gas company's stock after purchasing an additional 690,038 shares during the period. Jennison Associates LLC owned approximately 0.07% of Chevron worth $198,967,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Chevron in the fourth quarter worth about $3,017,750,000. GAMMA Investing LLC lifted its holdings in Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after acquiring an additional 5,382,847 shares during the last quarter. Capital World Investors lifted its holdings in Chevron by 11.4% in the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company's stock worth $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. Northern Trust Corp lifted its holdings 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 worth $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Chevron by 6.9% in the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock worth $2,176,579,000 after acquiring an additional 964,426 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday. Scotiabank reissued a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, BNP Paribas cut Chevron to a "cautious" rating in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $161.31.

Chevron Trading Down 1.1%

NYSE CVX traded down $1.59 on Friday, hitting $149.79. 45,762,307 shares of the stock were exchanged, compared to its average volume of 8,540,907. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. 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 company has a market capitalization of $261.59 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 2.48 and a beta of 0.83. The company's 50-day moving average price is $144.04 and its two-hundred day moving average price is $148.64.

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, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $47.61 billion for the quarter, compared to analysts' expectations of $49.05 billion. During the same period in the previous year, the company posted $2.93 EPS. Chevron's revenue was down 2.3% on a year-over-year basis. Research analysts predict that Chevron Corporation will post 10.79 EPS for the current 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 given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio is 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.