Banque Pictet & Cie SA Lowers Holdings in Chevron Co. (NYSE:CVX)

Banque Pictet & Cie SA decreased its holdings in Chevron Co. (NYSE:CVX) by 4.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,453 shares of the oil and gas company’s stock after selling 7,382 shares during the quarter. Banque Pictet & Cie SA’s holdings in Chevron were worth $25,847,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wedge Capital Management L L P NC grew its holdings in shares of Chevron by 4.3% during the 3rd quarter. Wedge Capital Management L L P NC now owns 2,887 shares of the oil and gas company’s stock worth $425,000 after purchasing an additional 120 shares during the period. McKinley Carter Wealth Services Inc. grew its holdings in shares of Chevron by 1.9% during the 3rd quarter. McKinley Carter Wealth Services Inc. now owns 21,121 shares of the oil and gas company’s stock worth $3,110,000 after purchasing an additional 401 shares during the period. Vontobel Holding Ltd. grew its holdings in shares of Chevron by 6.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 162,083 shares of the oil and gas company’s stock worth $23,870,000 after purchasing an additional 10,508 shares during the period. Firethorn Wealth Partners LLC grew its holdings in shares of Chevron by 2.1% during the 3rd quarter. Firethorn Wealth Partners LLC now owns 4,120 shares of the oil and gas company’s stock worth $607,000 after purchasing an additional 85 shares during the period. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO grew its holdings in shares of Chevron by 0.3% during the 3rd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 36,338 shares of the oil and gas company’s stock worth $5,351,000 after purchasing an additional 103 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a report on Tuesday, November 5th. Raymond James decreased their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Barclays reduced their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Piper Sandler reduced their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, Truist Financial reduced their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Performance

Shares of CVX opened at $156.00 on Friday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market cap of $280.35 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 1.39 and a beta of 1.11. The business’s 50 day moving average is $151.92 and its two-hundred day moving average is $150.84.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the prior year, the company earned $3.45 earnings per share. Analysts forecast that Chevron Co. will post 10.84 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.38%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. Chevron’s payout ratio is 67.08%.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.