Bellecapital International Ltd. Buys 7,730 Shares of Chevron Co. (NYSE:CVX)

Bellecapital International Ltd. raised its position in Chevron Co. (NYSE:CVX) by 80.7% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 17,314 shares of the oil and gas company’s stock after buying an additional 7,730 shares during the period. Bellecapital International Ltd.’s holdings in Chevron were worth $2,550,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVX. Massachusetts Financial Services Co. MA boosted its stake in Chevron by 55.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after acquiring an additional 3,048,819 shares during the last quarter. Wulff Hansen & CO. increased its holdings in Chevron by 15,542.0% in the second quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after purchasing an additional 1,168,137 shares during the last quarter. Global Assets Advisory LLC acquired a new position in Chevron in the first quarter valued at about $156,482,000. Capital International Investors boosted its holdings in Chevron by 5.9% during the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after buying an additional 743,042 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Chevron by 38.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock worth $382,448,000 after buying an additional 681,394 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Scotiabank cut their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Barclays reduced their target price on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $170.00 price target on shares of Chevron in a report on Tuesday, October 8th. Truist Financial cut their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Finally, Wells Fargo & Company decreased their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $173.07.

Chevron Stock Performance

Chevron stock traded up $0.52 during mid-day trading on Monday, hitting $151.27. 1,401,908 shares of the company’s stock traded hands, compared to its average volume of 7,675,783. The stock has a market cap of $278.79 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 2.74 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $146.07 and a two-hundred day simple moving average of $153.62. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter last year, the business earned $3.08 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. On average, research analysts expect that Chevron Co. will post 11.06 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.31%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is presently 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.