GAMMA Investing LLC Buys 18,150 Shares of Chevron Corporation $CVX

GAMMA Investing LLC boosted its stake in Chevron Corporation (NYSE:CVX) by 66.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,515 shares of the oil and gas company’s stock after purchasing an additional 18,150 shares during the quarter. GAMMA Investing LLC’s holdings in Chevron were worth $7,068,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Trust Co of the South boosted its stake in Chevron by 14.8% during the third quarter. Trust Co of the South now owns 2,759 shares of the oil and gas company’s stock valued at $428,000 after buying an additional 356 shares during the last quarter. First Hawaiian Bank raised its holdings in shares of Chevron by 4.5% during the 3rd quarter. First Hawaiian Bank now owns 12,394 shares of the oil and gas company’s stock worth $1,925,000 after acquiring an additional 534 shares in the last quarter. Capital Asset Advisory Services LLC boosted its position in shares of Chevron by 5.5% during the 3rd quarter. Capital Asset Advisory Services LLC now owns 29,142 shares of the oil and gas company’s stock valued at $4,525,000 after acquiring an additional 1,509 shares during the last quarter. Global Wealth Strategies & Associates grew its holdings in shares of Chevron by 299.0% in the third quarter. Global Wealth Strategies & Associates now owns 798 shares of the oil and gas company’s stock valued at $124,000 after purchasing an additional 598 shares in the last quarter. Finally, Roxbury Financial LLC increased its position in Chevron by 4.4% in the third quarter. Roxbury Financial LLC now owns 6,475 shares of the oil and gas company’s stock worth $1,005,000 after purchasing an additional 274 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CVX. HSBC set a $169.00 price objective on shares of Chevron and gave the stock a “buy” rating in a research note on Monday, December 1st. Melius began coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target for the company. Raymond James Financial restated an “outperform” rating and set a $160.00 price objective (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Piper Sandler decreased their price target on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $166.00.

Insider Activity at Chevron

In other news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $149.88 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average is $152.66 and its two-hundred day moving average is $152.28. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market capitalization of $301.78 billion, a PE ratio of 21.08, a price-to-earnings-growth ratio of 8.91 and a beta of 0.68.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. The business had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the company earned $2.48 earnings per share. As a group, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Tuesday, November 18th. Chevron’s dividend payout ratio is currently 96.20%.

About Chevron

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.