Chevron Corporation $CVX Stock: Pictet Asset Management Holding SA Boosts Holdings

Pictet Asset Management Holding SA grew its holdings in shares of Chevron Corporation (NYSE:CVX) by 4.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 916,186 shares of the oil and gas company’s stock after buying an additional 42,180 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Chevron were worth $187,094,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State Street Corp boosted its position in Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Chevron during the 2nd quarter worth approximately $25,663,729,000. Bank of America Corp DE increased its position in shares of Chevron by 5.1% during the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after purchasing an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Chevron during the 2nd quarter worth approximately $2,378,114,000. Finally, Amundi raised its stake in shares of Chevron by 14.1% during the 2nd quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock worth $2,304,109,000 after purchasing an additional 1,714,835 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Andrew Walz sold 16,800 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares of the company’s stock, valued at $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the sale, the insider owned 8,791 shares of the company’s stock, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 379,470 shares of company stock valued at $77,216,415 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Royal Bank Of Canada raised their target price on shares of Chevron from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, September 24th. Weiss Ratings lowered shares of Chevron from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, November 2nd. DZ Bank cut shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 price target for the company. in a research note on Tuesday, November 3rd. Jefferies Financial Group increased their price target on shares of Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Finally, UBS Group lifted their price objective on shares of Chevron from $235.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $221.88.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron was upgraded by Freedom Broker from “sell” to “hold,” with a $218 price target. The change signals less bearishness, though the target implies only modest upside from the cited share price. Freedom Broker rating
• Positive Sentiment: Natural-gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Record output could strengthen Chevron’s position in the liquefied natural gas market, despite operational disruptions. Zacks article on gas production
• Positive Sentiment: Recent coverage points to record cash flow and a run of earnings beats as reasons to consider CVX for the long term. Chevron’s latest reported quarter also exceeded analyst expectations for earnings and revenue, supporting the fundamental case. 247WallSt analysis
• Neutral Sentiment: An executive reported selling 24,439 shares in an option exercise-and-sale transaction. The report alone does not establish a change in the company’s outlook. Insider transaction report
• Negative Sentiment: Coverage says a post-election political shift sent oil prices lower, dragging energy stocks, including Chevron. A separate analyst downgrade also contributed to reported share-price pressure, highlighting sensitivity to oil-market expectations and cautious ratings. Report on analyst downgrade

Chevron Price Performance

NYSE:CVX opened at $212.66 on Monday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48. The firm has a market capitalization of $420.17 billion, a price-to-earnings ratio of 15.56, a P/E/G ratio of 0.50 and a beta of 0.47. The stock’s 50 day moving average price is $214.91 and its two-hundred day moving average price is $194.40. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.87 by $0.41. The company had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The firm’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.85 EPS. On average, analysts anticipate that Chevron Corporation will post 18.56 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 annualized dividend and a yield of 3.3%. Chevron’s dividend payout ratio (DPR) is currently 52.08%.

Chevron Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.