Maryland State Retirement & Pension System Has $12.83 Million Stock Position in Chevron Corporation (NYSE:CVX)

Key Points

• The Maryland State Retirement & Pension System reduced its Chevron holdings by 17.5%, now owning approximately $12.83 million worth of shares.
• Chevron recently reported earnings of $1.77 per share, exceeding analyst expectations and has announced a quarterly dividend of $1.71 per share with a yield of 4.5%.
• Analysts maintain a generally bullish outlook with Chevron having a mix of ratings, including eleven buy ratings, while the average price target is set at $164.11.

Maryland State Retirement & Pension System cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 17.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 76,665 shares of the oil and gas company's stock after selling 16,242 shares during the quarter. Maryland State Retirement & Pension System's holdings in Chevron were worth $12,825,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Sage Capital Advisors llc boosted its stake in shares of Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing 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 buying an additional 145 shares during the period. Ignite Planners LLC boosted its stake 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. grew its holdings in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after acquiring an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Chevron by 0.5% during the 1st 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 acquiring an additional 675 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 0.7%

Shares of CVX traded up $1.02 during mid-day trading on Friday, hitting $154.18. 544,662 shares of the company's stock were exchanged, compared to its average volume of 9,403,865. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market cap of $269.25 billion, a PE ratio of 19.86, a P/E/G ratio of 2.29 and a beta of 0.87. The company has a 50-day simple moving average of $148.08 and a 200 day simple moving average of $148.65.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.80%. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the firm earned $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. On average, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. TD Cowen raised their price target on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. BNP Paribas lowered Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 price target on shares of Chevron in a research note on Friday, August 1st. Finally, Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of "Hold" and an average price target of $164.11.

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.