Bank Pictet & Cie Europe AG Lowers Stock Position in Chevron Co. (NYSE:CVX)

Bank Pictet & Cie Europe AG cut its holdings in Chevron Co. (NYSE:CVX) by 3.7% during the third quarter, Holdings Channel reports. The institutional investor owned 33,344 shares of the oil and gas company’s stock after selling 1,281 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Chevron were worth $4,911,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Strong Tower Advisory Services grew its stake in shares of Chevron by 7.4% in the first quarter. Strong Tower Advisory Services now owns 8,250 shares of the oil and gas company’s stock worth $1,312,000 after acquiring an additional 572 shares during the last quarter. Capital Advisors Wealth Management LLC boosted its stake in Chevron by 4.3% during the 1st quarter. Capital Advisors Wealth Management LLC now owns 15,424 shares of the oil and gas company’s stock valued at $2,433,000 after purchasing an additional 634 shares during the last quarter. Wealth Management Partners LLC increased its holdings in shares of Chevron by 1.6% in the 1st quarter. Wealth Management Partners LLC now owns 13,242 shares of the oil and gas company’s stock worth $2,089,000 after purchasing an additional 210 shares in the last quarter. Morton Capital Management LLC CA raised its stake in shares of Chevron by 4.0% in the first quarter. Morton Capital Management LLC CA now owns 3,269 shares of the oil and gas company’s stock worth $516,000 after purchasing an additional 126 shares during the last quarter. Finally, Annex Advisory Services LLC lifted its holdings in shares of Chevron by 26.2% during the first quarter. Annex Advisory Services LLC now owns 132,792 shares of the oil and gas company’s stock valued at $20,947,000 after purchasing an additional 27,548 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CVX shares. Wells Fargo & Company reduced their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Truist Financial reduced their price target on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Barclays lowered their price objective on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Wolfe Research began coverage on shares of Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $170.00 price target on shares of Chevron in a report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

Chevron Stock Performance

NYSE:CVX opened at $150.92 on Wednesday. The stock has a 50-day simple moving average of $146.32 and a two-hundred day simple moving average of $153.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a market capitalization of $278.14 billion, a PE ratio of 13.88, a P/E/G ratio of 2.73 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter last year, the firm posted $3.08 earnings per share. The company’s revenue was up 4.7% compared to the same quarter last year. Analysts forecast that Chevron Co. will post 10.95 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.32%. Chevron’s payout ratio is 59.98%.

Chevron Company 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.