GAMMA Investing LLC Has $3.41 Million Holdings in Chevron Co. (NYSE:CVX)

GAMMA Investing LLC grew its stake in shares of Chevron Co. (NYSE:CVX) by 59.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,806 shares of the oil and gas company’s stock after acquiring an additional 8,089 shares during the period. Chevron accounts for 0.5% of GAMMA Investing LLC’s holdings, making the stock its 29th largest position. GAMMA Investing LLC’s holdings in Chevron were worth $3,411,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CVX. Armstrong Henry H Associates Inc. increased its holdings in shares of Chevron by 8.3% during the second quarter. Armstrong Henry H Associates Inc. now owns 1,678 shares of the oil and gas company’s stock worth $262,000 after purchasing an additional 128 shares during the period. Transcend Capital Advisors LLC increased its holdings in shares of Chevron by 1.2% during the second quarter. Transcend Capital Advisors LLC now owns 36,657 shares of the oil and gas company’s stock worth $5,734,000 after purchasing an additional 450 shares during the period. McAlister Sweet & Associates Inc. increased its holdings in shares of Chevron by 1.5% during the second quarter. McAlister Sweet & Associates Inc. now owns 25,291 shares of the oil and gas company’s stock worth $3,956,000 after purchasing an additional 369 shares during the period. Capital Market Strategies LLC increased its holdings in shares of Chevron by 5.4% during the second quarter. Capital Market Strategies LLC now owns 3,805 shares of the oil and gas company’s stock worth $595,000 after purchasing an additional 194 shares during the period. Finally, Quent Capital LLC increased its holdings in shares of Chevron by 3.4% during the first quarter. Quent Capital LLC now owns 4,490 shares of the oil and gas company’s stock worth $708,000 after purchasing an additional 148 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 477 shares in the company, valued at approximately $76,429.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $163.50, for a total value of $833,523.00. Following the completion of the sale, the director now directly owns 2,549 shares of the company’s stock, valued at $416,761.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,397 shares of company stock valued at $1,855,582. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

NYSE CVX traded down $4.07 on Friday, hitting $148.55. The stock had a trading volume of 13,278,618 shares, compared to its average volume of 6,585,736. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70. 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 capitalization of $273.77 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 2.45 and a beta of 1.10. The firm has a 50-day moving average of $156.37 and a 200-day moving average of $156.09.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.33). Chevron had a return on equity of 14.40% and a net margin of 10.21%. The company had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the previous year, the company earned $3.08 EPS. Chevron’s quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Chevron Co. will post 12.45 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a $1.63 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.39%. Chevron’s dividend payout ratio is 59.98%.

Analyst Ratings Changes

Several brokerages have recently commented on CVX. TD Cowen raised 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. Wells Fargo & Company lifted their price objective on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Piper Sandler lifted their price objective on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Mizuho lifted their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Raymond James lifted their price objective on shares of Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $185.59.

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.