Gateway Investment Advisers LLC Has $70.86 Million Stock Position in Chevron Co. (NYSE:CVX)

Gateway Investment Advisers LLC lessened its holdings in Chevron Co. (NYSE:CVX) by 7.9% during the first quarter, HoldingsChannel reports. The firm owned 449,200 shares of the oil and gas company’s stock after selling 38,498 shares during the quarter. Chevron accounts for 0.8% of Gateway Investment Advisers LLC’s holdings, making the stock its 23rd largest position. Gateway Investment Advisers LLC’s holdings in Chevron were worth $70,857,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bare Financial Services Inc bought a new stake in shares of Chevron during the fourth quarter worth $27,000. Frank Rimerman Advisors LLC bought a new position in Chevron in the fourth quarter valued at about $30,000. Valued Wealth Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter valued at about $33,000. Cooksen Wealth LLC bought a new stake in shares of Chevron during the fourth quarter worth about $40,000. Finally, Clear Investment Research LLC increased its stake in shares of Chevron by 264.9% in the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 204 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.5 %

Shares of NYSE CVX traded down $0.72 during midday trading on Tuesday, hitting $158.59. 1,549,107 shares of the stock traded hands, compared to its average volume of 8,035,838. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The business has a 50 day moving average price of $159.28 and a two-hundred day moving average price of $154.41. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The company has a market cap of $292.28 billion, a PE ratio of 14.64, a P/E/G ratio of 2.36 and a beta of 1.12.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm had revenue of $48.72 billion for the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter in the prior year, the company posted $3.55 earnings per share. The business’s revenue was down 4.1% on a year-over-year basis. On average, equities analysts predict that Chevron Co. will post 13.15 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.11%. The ex-dividend date was Thursday, May 16th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Insiders Place Their Bets

In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the completion of the transaction, the director now directly owns 7,647 shares of the company’s stock, valued at $1,231,167. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the transaction, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the completion of the sale, the director now directly owns 7,647 shares in the company, valued at approximately $1,231,167. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,546 shares of company stock valued at $3,176,223. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of a number of research reports. TD Cowen boosted their target price on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Monday, April 29th. Raymond James boosted their price objective on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. Piper Sandler raised their target price on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $170.00 to $195.00 in a research report on Thursday, April 11th. Finally, Mizuho increased their price target on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $186.95.

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.