Chevron Corporation $CVX Stock Position Decreased by Oregon Public Employees Retirement Fund

Key Points

• The Oregon Public Employees Retirement Fund reduced its stake in Chevron Corporation by 2.5%, owning 140,314 shares valued at approximately $20 million after selling 3,600 shares in the second quarter.
• Chevron recently reported $1.77 earnings per share for the quarter, exceeding estimates, but experienced a 12.4% year-over-year decline in revenue.
• The company declared a quarterly dividend of $1.71 per share, yielding 4.6%, with a payout ratio of 88.03%.

Oregon Public Employees Retirement Fund decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 140,314 shares of the oil and gas company's stock after selling 3,600 shares during the quarter. Oregon Public Employees Retirement Fund's holdings in Chevron were worth $20,092,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Chevron by 27.3% during the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company's stock valued at $5,408,000 after acquiring an additional 6,928 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Chevron by 10.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,133,752 shares of the oil and gas company's stock valued at $189,666,000 after purchasing an additional 104,103 shares during the last quarter. Missouri Trust & Investment Co raised its position in shares of Chevron by 0.8% in the first quarter. Missouri Trust & Investment Co now owns 20,009 shares of the oil and gas company's stock valued at $3,347,000 after purchasing an additional 150 shares during the period. Wilsey Asset Management Inc. lifted its stake in shares of Chevron by 0.4% in the first quarter. Wilsey Asset Management Inc. now owns 200,641 shares of the oil and gas company's stock worth $33,565,000 after buying an additional 771 shares during the last quarter. Finally, Grant Private Wealth Management Inc boosted its holdings in shares of Chevron by 13.2% during the 1st quarter. Grant Private Wealth Management Inc now owns 2,261 shares of the oil and gas company's stock worth $378,000 after buying an additional 264 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

Shares of NYSE CVX opened at $149.11 on Monday. The firm has a market capitalization of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.93 and a beta of 0.84. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The business has a fifty day simple moving average of $156.10 and a 200 day simple moving average of $148.41. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The business's revenue for the quarter was down 12.4% on a year-over-year basis. Sell-side analysts expect 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 Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on CVX. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Bank of America upped their price target on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Finally, Mizuho lowered their price objective on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $165.40.

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.

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