Kentucky Retirement Systems Insurance Trust Fund Has $7.97 Million Position in Chevron Corporation (NYSE:CVX)

Kentucky Retirement Systems Insurance Trust Fund cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 30.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,618 shares of the oil and gas company's stock after selling 20,487 shares during the quarter. Chevron comprises approximately 0.6% of Kentucky Retirement Systems Insurance Trust Fund's holdings, making the stock its 26th largest position. Kentucky Retirement Systems Insurance Trust Fund's holdings in Chevron were worth $7,966,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CVX. IMG Wealth Management Inc. acquired a new stake in shares of Chevron in the 4th quarter valued at $25,000. Life Planning Partners Inc bought a new position in Chevron during the fourth quarter valued at about $25,000. Mizuho Securities Co. Ltd. bought a new position in Chevron during the fourth quarter valued at about $29,000. 10Elms LLP acquired a new stake in shares of Chevron in the fourth quarter worth about $29,000. Finally, Fairway Wealth LLC boosted its stake in shares of Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 88 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CVX shares. HSBC lowered Chevron from a "buy" rating to a "hold" rating and lowered their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Wells Fargo & Company lowered their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Piper Sandler dropped their price target 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. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $160.24.

Chevron Price Performance

Shares of Chevron stock opened at $149.36 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The company has a market cap of $260.84 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 2.63 and a beta of 0.83. The firm has a fifty day moving average price of $139.37 and a two-hundred day moving average price of $148.65. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating 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 business had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. During the same quarter last year, the company earned $2.93 earnings per share. The firm's revenue was down 2.3% on a year-over-year basis. Analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.58%. Chevron's dividend payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.