Bailard Inc. Boosts Stock Position in Chevron Corporation (NYSE:CVX)

Bailard Inc. raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 3.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 87,286 shares of the oil and gas company’s stock after purchasing an additional 3,075 shares during the period. Bailard Inc.’s holdings in Chevron were worth $14,602,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CVX. Norges Bank purchased a new position in shares of Chevron in the 4th quarter worth $3,017,750,000. GAMMA Investing LLC boosted its stake in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after buying an additional 5,382,847 shares during the last quarter. Capital World Investors boosted its stake in shares of Chevron by 11.4% in the 4th quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock worth $2,039,288,000 after buying an additional 1,440,808 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after buying an additional 1,394,091 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Chevron by 6.9% in the 4th quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company’s stock worth $2,176,579,000 after buying an additional 964,426 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX opened at $149.96 on Thursday. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a fifty day moving average price of $143.53 and a 200-day moving average price of $148.55. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The firm has a market cap of $261.88 billion, a PE ratio of 17.14, a P/E/G ratio of 2.56 and a beta of 0.83.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the prior year, the firm earned $2.93 EPS. The firm’s revenue was down 2.3% on a year-over-year basis. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.56%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is 78.17%.

Analyst Upgrades and Downgrades

CVX has been the topic of several recent research reports. TD Cowen decreased their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. BNP Paribas downgraded Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Mizuho lowered their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $165.00 price objective (up from $164.00) on shares of Chevron in a research report on Thursday, June 26th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $161.65.

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.