Maryland State Retirement & Pension System Has $11.35 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• The Maryland State Retirement & Pension System increased its stake in Chevron Corporation by 3.4%, owning a total of 79,279 shares worth approximately $11.35 million.
• Certain institutional investors significantly boosted their holdings in Chevron, including Kingstone Capital Partners, which increased its stake by an astonishing 652,139.5%.
• Chevron reported a quarterly EPS of $1.77, exceeding estimates, while its quarterly revenue fell 12.4% year-over-year to $44.82 billion.

Maryland State Retirement & Pension System boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 79,279 shares of the oil and gas company's stock after buying an additional 2,614 shares during the period. Maryland State Retirement & Pension System's holdings in Chevron were worth $11,352,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Kingstone Capital Partners Texas LLC boosted its holdings in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Invesco Ltd. boosted its holdings in Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after purchasing an additional 827,851 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Chevron by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after purchasing an additional 40,758 shares during the period. Finally, GQG Partners LLC bought a new stake in Chevron in the 1st quarter valued at about $1,466,751,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Down 0.7%

Shares of NYSE CVX opened at $153.76 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a 50 day moving average price of $156.15 and a two-hundred day moving average price of $148.88. The stock has a market cap of $265.70 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84.

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 during the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the company posted $2.55 EPS. The company's revenue was down 12.4% on a year-over-year basis. As a group, equities analysts forecast 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 Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was 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%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CVX. Barclays cut their price objective on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a report on Tuesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a research report on Wednesday. Evercore ISI reiterated an "outperform" rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Melius Research initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Finally, Bank of America increased their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of "Hold" and an average target price of $165.15.

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on 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 sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

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.

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