Chevron Corporation $CVX Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• State of New Jersey Common Pension Fund D has reduced its stake in Chevron Corporation by 10.2%, now owning 577,936 shares worth approximately $96.7 million.
• Chevron Corporation reported $1.77 earnings per share (EPS) for the last quarter, surpassing estimates, though its revenue has decreased by 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, reflecting an annualized dividend of $6.84 and a dividend yield of 4.4%.

State of New Jersey Common Pension Fund D cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 10.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 577,936 shares of the oil and gas company's stock after selling 65,789 shares during the period. State of New Jersey Common Pension Fund D's holdings in Chevron were worth $96,683,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sage Capital Advisors llc lifted its holdings in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after acquiring an additional 919 shares during the last quarter. CCG Wealth Management LLC lifted its holdings in Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after acquiring an additional 145 shares during the last quarter. Ignite Planners LLC lifted its holdings in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after acquiring an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. raised its position in Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after purchasing an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its position in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after purchasing an additional 675 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HSBC lowered Chevron from a "buy" rating to a "hold" rating and cut their target price for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Mizuho cut their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. UBS Group reissued a "buy" rating and issued a $186.00 target price (up previously from $177.00) on shares of Chevron in a research report on Monday, August 4th. Piper Sandler reissued an "overweight" rating and issued a $168.00 target price (up previously from $164.00) on shares of Chevron in a research report on Monday. Finally, Hsbc Global Res lowered Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $164.33.

Chevron Stock Down 0.7%

NYSE:CVX traded down $1.11 during trading hours on Monday, hitting $155.44. The company's stock had a trading volume of 8,125,323 shares, compared to its average volume of 9,357,544. The stock has a market capitalization of $268.60 billion, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The stock has a fifty day moving average of $150.13 and a 200-day moving average of $148.49. 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 Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio is 88.03%.

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.