Gateway Investment Advisers LLC Boosts Holdings in Chevron Co. (NYSE:CVX)

Gateway Investment Advisers LLC raised its stake in Chevron Co. (NYSE:CVX) by 4.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 414,637 shares of the oil and gas company’s stock after acquiring an additional 16,462 shares during the quarter. Chevron makes up 0.8% of Gateway Investment Advisers LLC’s portfolio, making the stock its 27th biggest holding. Gateway Investment Advisers LLC’s holdings in Chevron were worth $69,365,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new position in Chevron during the fourth quarter worth approximately $25,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Chevron during the fourth quarter worth about $29,000. 10Elms LLP acquired a new position in Chevron during the 4th quarter worth approximately $29,000. Fairway Wealth LLC boosted its stake in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares during the period. Finally, IFS Advisors LLC boosted its position in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 116 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Up 2.4%

Shares of Chevron stock opened at $140.21 on Friday. Chevron Co. has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $138.98 and a two-hundred day moving average price of $149.81. The stock has a market capitalization of $244.86 billion, a P/E ratio of 14.42, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same period in the previous year, the company earned $2.93 earnings per share. Chevron’s revenue for the quarter was down 2.3% on a year-over-year basis. Equities analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio is currently 78.17%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Wells Fargo & Company cut their price target on Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $160.00 to $143.00 in a research note on Friday, April 11th. UBS Group decreased their price target on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and decreased their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $160.24.

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.