GAMMA Investing LLC Takes Position in Chevron Co. (NYSE:CVX)

GAMMA Investing LLC acquired a new stake in shares of Chevron Co. (NYSE:CVX) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 9,564 shares of the oil and gas company’s stock, valued at approximately $1,410,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Windsor Advisory Group LLC increased its stake in shares of Chevron by 24.0% during the 3rd quarter. Windsor Advisory Group LLC now owns 3,720 shares of the oil and gas company’s stock valued at $627,000 after acquiring an additional 720 shares during the last quarter. Renaissance Investment Group LLC increased its position in Chevron by 12.7% during the 4th quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock worth $923,000 after purchasing an additional 697 shares in the last quarter. Altrius Capital Management Inc increased its position in Chevron by 2.1% during the 3rd quarter. Altrius Capital Management Inc now owns 21,333 shares of the oil and gas company’s stock worth $3,597,000 after purchasing an additional 434 shares in the last quarter. Camelot Portfolios LLC acquired a new stake in Chevron during the 4th quarter worth approximately $254,000. Finally, Strategic Financial Concepts LLC increased its position in Chevron by 9.0% during the 3rd quarter. Strategic Financial Concepts LLC now owns 5,775 shares of the oil and gas company’s stock worth $974,000 after purchasing an additional 476 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the sale, the vice president now directly owns 276 shares in the company, valued at $44,184.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Chevron Stock Performance

Shares of CVX traded up $0.93 during midday trading on Tuesday, hitting $162.85. 5,533,624 shares of the stock traded hands, compared to its average volume of 8,459,302. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $172.38. The firm has a market capitalization of $302.46 billion, a PE ratio of 14.27, a price-to-earnings-growth ratio of 2.36 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. The business’s 50 day moving average price is $155.63 and its two-hundred day moving average price is $151.66.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company had revenue of $47.18 billion during the quarter, compared to the consensus estimate of $50.93 billion. During the same quarter in the previous year, the company posted $4.09 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. Equities research analysts predict that Chevron Co. will post 13.58 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were issued a dividend of $1.63 per share. This is an increase from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 4.00%. Chevron’s payout ratio is 57.39%.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research analyst reports. Mizuho increased their target price on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $170.00 to $195.00 in a research report on Thursday, April 11th. Jefferies Financial Group raised shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research report on Monday, January 8th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 price objective for the company. in a research report on Tuesday, February 6th. Finally, Raymond James increased their price objective on shares of Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $184.75.

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.