Arizona State Retirement System Sells 3,382 Shares of Chevron Corporation (NYSE:CVX)

Arizona State Retirement System trimmed its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 501,028 shares of the oil and gas company's stock after selling 3,382 shares during the period. Chevron comprises about 0.5% of Arizona State Retirement System's holdings, making the stock its 25th biggest holding. Arizona State Retirement System's holdings in Chevron were worth $83,817,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. IMG Wealth Management Inc. acquired a new stake in Chevron in the 4th quarter worth approximately $25,000. Life Planning Partners Inc bought a new position in Chevron in the 4th quarter valued at $25,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron during the 4th quarter worth about $29,000. 10Elms LLP bought a new position in Chevron in the 4th quarter valued at $29,000. Finally, Navigoe LLC acquired a new position in Chevron during the 4th quarter valued at about $33,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 0.8%

Shares of NYSE:CVX traded up $1.21 during midday trading on Friday, reaching $155.38. The company's stock had a trading volume of 8,332,244 shares, compared to its average volume of 8,352,057. The firm has a 50 day moving average price of $142.62 and a two-hundred day moving average price of $148.41. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $271.35 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 2.61 and a beta of 0.83. 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 (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business's quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company posted $2.93 earnings per share. As a group, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend was Monday, May 19th. Chevron's payout ratio is 78.17%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CVX. UBS Group cut their target price on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Barclays upped their price target on Chevron from $152.00 to $156.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 price target (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. BNP Paribas downgraded Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Finally, TD Cowen lowered their price target on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Three research 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. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $161.65.

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.