Chevron Co. (NYSE:CVX) Stake Lessened by Pictet North America Advisors SA

Pictet North America Advisors SA trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 96.8% during the third quarter, HoldingsChannel reports. The fund owned 1,645 shares of the oil and gas company’s stock after selling 50,089 shares during the quarter. Pictet North America Advisors SA’s holdings in Chevron were worth $242,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CVX. Anfield Capital Management LLC raised its stake in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares in the last quarter. Cyrus J. Lawrence LLC raised its position in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares in the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Chevron during the 3rd quarter valued at approximately $47,000. Livelsberger Financial Advisory bought a new position in Chevron during the third quarter worth $47,000. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new position in Chevron in the first quarter worth $55,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Bank of America initiated coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Scotiabank cut their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, UBS Group upped their price objective on Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Stock Performance

Shares of CVX opened at $150.92 on Wednesday. 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. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $146.32 and a 200 day moving average price of $153.47. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11.

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

Chevron Dividend Announcement

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

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.