Oppenheimer Asset Management Inc. Acquires 25,677 Shares of Chevron Corporation (NYSE:CVX)

Oppenheimer Asset Management Inc. grew its position in Chevron Corporation (NYSE:CVX) by 3.7% during the first quarter, HoldingsChannel reports. The firm owned 710,706 shares of the oil and gas company’s stock after buying an additional 25,677 shares during the period. Chevron comprises approximately 1.5% of Oppenheimer Asset Management Inc.’s portfolio, making the stock its 6th largest holding. Oppenheimer Asset Management Inc.’s holdings in Chevron were worth $118,894,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CVX. Norges Bank bought a new position in shares of Chevron in the 4th quarter worth about $3,017,750,000. Raymond James Financial Inc. acquired a new position in shares of Chevron during the 4th quarter valued at $1,036,302,000. GAMMA Investing LLC lifted its position in shares of Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares during the period. Finally, Amundi lifted its position in shares of Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after acquiring an additional 1,910,262 shares during the period. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CVX shares. BNP Paribas downgraded shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Redburn Atlantic reiterated a “sell” rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Piper Sandler dropped their target price on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Finally, Barclays lowered shares of Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Stock Up 0.8%

Shares of Chevron stock opened at $149.36 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The stock has a market capitalization of $260.84 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 2.63 and a beta of 0.83. The company’s 50 day moving average price is $139.37 and its 200-day moving average price is $148.58.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date was Monday, May 19th. Chevron’s payout ratio is 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.