Pettee Investors Inc. Has $2.36 Million Holdings in Chevron Corporation (NYSE:CVX)

Pettee Investors Inc. decreased its position in shares of Chevron Corporation (NYSE:CVX) by 16.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,082 shares of the oil and gas company’s stock after selling 2,744 shares during the quarter. Chevron accounts for approximately 1.4% of Pettee Investors Inc.’s investment portfolio, making the stock its 24th largest position. Pettee Investors Inc.’s holdings in Chevron were worth $2,356,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CVX. Norges Bank acquired a new stake in Chevron during the fourth quarter worth about $3,017,750,000. GAMMA Investing LLC grew its stake in Chevron by 21,191.5% during the first 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 in the last quarter. Capital World Investors grew its stake in Chevron by 11.4% during the fourth 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 in the last quarter. Northern Trust Corp grew its stake in Chevron by 7.3% during the fourth 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 in the last quarter. Finally, Invesco Ltd. grew its stake in Chevron by 6.9% during the fourth 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 in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and reduced their price target for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. TD Cowen reduced their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $165.00 price target (up from $164.00) on shares of Chevron in a research note on Thursday, June 26th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $161.65.

Chevron Stock Down 0.5%

Shares of NYSE CVX opened at $149.96 on Thursday. The company has a market capitalization of $261.88 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 2.56 and a beta of 0.83. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The company’s 50 day moving average price is $143.53 and its 200-day moving average price is $148.55.

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

Chevron Announces Dividend

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

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.