Pictet Asset Management Holding SA Sells 35,237 Shares of Chevron Co. (NYSE:CVX)

Pictet Asset Management Holding SA lessened its position in shares of Chevron Co. (NYSE:CVX) by 5.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 620,641 shares of the oil and gas company’s stock after selling 35,237 shares during the period. Pictet Asset Management Holding SA’s holdings in Chevron were worth $89,894,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Wallace Capital Management Inc. boosted its holdings in shares of Chevron by 0.8% in the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock valued at $1,212,000 after purchasing an additional 65 shares in the last quarter. TFB Advisors LLC boosted its stake in Chevron by 2.4% in the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company’s stock valued at $411,000 after buying an additional 66 shares in the last quarter. W.H. Cornerstone Investments Inc. grew its position in Chevron by 1.4% in the fourth quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company’s stock valued at $677,000 after acquiring an additional 66 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Chevron by 0.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock worth $2,207,000 after acquiring an additional 66 shares in the last quarter. Finally, Meridian Financial Partners LLC lifted its holdings in shares of Chevron by 0.5% in the fourth quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company’s stock worth $1,943,000 after acquiring an additional 67 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVX. Wells Fargo & Company decreased their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research note on Monday, February 3rd. Barclays reduced their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Truist Financial dropped their target price on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Finally, UBS Group reduced their price target on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Performance

Shares of Chevron stock opened at $166.06 on Friday. The business has a 50-day moving average price of $157.10 and a two-hundred day moving average price of $153.49. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a market cap of $292.37 billion, a P/E ratio of 17.08, a PEG ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period in the prior year, the company earned $3.45 earnings per share. As a group, analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is presently 70.37%.

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.